Published on 3/16/2010 in the Prospect News Structured Products Daily.
New Issue: RBS sells $107,000 11.25% reverse exchangeables linked to Hartford Financial
By Susanna Moon
Chicago, March 16 - Royal Bank of Scotland NV priced $107,000 of 11.25% annualized Knock-in Reverse Exchangeable Securities due Sept. 17, 2010 based on the performance of Hartford Financial Services Group, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the stock falls below the knock-in price - 75% of the initial share price - during the life of the notes and finishes below the initial share price, in which case investors will receive a number of Hartford Financial shares equal to $1,000 divided by the initial share price.
RBS Securities Inc. is the agent.
Issuer: | Royal Bank of Scotland NV
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Issue: | Knock-in Reverse Exchangeable Securities
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Underlying stock: | Hartford Financial Services Group, Inc. (Symbol: HIG)
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Amount: | $107,000
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Maturity: | Sept. 17, 2010
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Coupon: | 11.25%, payable monthly
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Price: | Par
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Payout at maturity: | If stock dips below knock-in price during life of notes and finishes below initial share price, 37.383 Hartford Financial shares; otherwise, par
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Initial share price: | $26.75
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Knock-in price: | $20.06, 75% of initial share price
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Pricing date: | March 12
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Settlement date: | March 17
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Agent: | RBS Securities Inc.
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Fees: | 1.875%
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Cusip: | 78009KBG6
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