Published on 6/28/2007 in the Prospect News Structured Products Daily.
New Issue: ABN Amro sells $2.325 million 12% knock-in reverse notes linked to General Motors
By Laura Lutz
Des Moines, June 28 - ABN Amro Bank NV priced $2.325 million of 12% Knock-in Reverse Exchangeable Securities due June 30, 2008 linked to General Motors Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payment at maturity will be determined according to the performance of General Motors stock. If the stock trades at or below $25.445, the knock-in price, and closes below $36.35, the initial price, during the life of the notes, investors will receive a number of General Motors shares equal to $1,000 divided by the initial stock price. The knock-in price is 70% of the initial price.
Otherwise, investors will receive par in cash.
ABN Amro Inc. is the underwriter.
Issuer: | ABN Amro Bank NV
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Issue: | Knock-in Reverse Exchangeable Securities
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Underlying stock: | General Motors Corp.
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Amount: | $2.325 million
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Maturity: | June 30, 2008
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Coupon: | 12%, payable monthly
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Price: | Par
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Payout at maturity: | If General Motors stock closes below the knock-in price during the life of the notes and finishes below the initial price, 27.51 shares of General Motors stock; otherwise, par in cash
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Initial price: | $36.35
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Knock-in price: | $25.445, 70% of initial price
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Exchange ratio: | 27.51 shares, at maturity
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Pricing date: | June 26
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Settlement date: | June 29
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Agent: | ABN Amro Inc.
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Fees: | 2.5%
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Distribution: | Off shelf
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