Published on 8/28/2009 in the Prospect News Structured Products Daily.
New Issue: ABN Amro prices $0.03 million 11.75% reverse convertibles linked to Garmin
New York, Aug. 28 - ABN Amro Bank NV priced $0.033 million of 11.75% Knock-In Reverse Exchangeable notes due Nov. 30, 2009 linked to Garmin Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Garmin shares fall below the protection price of $25.47, 80% of the initial price of $31.84, during the life of the notes and finish below the initial price in which case the payout will be 31.407 shares of Garmin stock.
ABN Amro Inc. is the agent.
Issuer: | ABN Amro Bank NV
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Issue: | Knock-In Reverse Exchangeable notes
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Underlying stock: | Garmin Ltd. (Symbol: GRMN)
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Amount: | $0.033 million
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Maturity: | Nov. 30, 2009
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Coupon: | 11.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Garmin shares fall below the protection price of $25.47, 80% of the initial price, and finish below the initial price, in which case 31.407 shares of Garmin stock
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Initial price: | $31.84
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Protection price: | $25.47, 80% of $31.84
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Exchange ratio: | 31.407
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Pricing date: | Aug. 26
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Settlement date: | Aug. 31
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Agent: | ABN Amro Inc.
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Fees: | 2%
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