By Marisa Wong
Madison, Wis., Sept. 14 - Royal Bank of Scotland NV priced $2 million of fixed-to-floating-rate notes due Sept. 16, 2020 tied to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a fixed coupon of 6% for the first three years. Thereafter, the coupon will be equal to the 10-year CMS rate, subject to a cap of 6%. Interest is payable annually.
The payout at maturity will be par.
RBS Securities Inc. is the underwriter.
| Issuer: | Royal Bank of Scotland NV
|
| Issue: | Fixed-to-floating-rate notes
|
| Amount: | $2 million
|
| Maturity: | Sept. 16, 2020
|
| Coupon: | 6% for first three years; thereafter, the coupon will be equal to the 10-year CMS rate, capped at 6%; payable annually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | Sept. 13
|
| Settlement date: | Sept. 16
|
| Underwriter: | RBS Securities Inc.
|
| Fees: | 2%
|
| Cusip: | 78009KME9
|
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