Published on 3/15/2010 in the Prospect News Structured Products Daily.
New Issue: RBS sells $53,000 12.5% reverse exchangeables tied to Las Vegas Sands
By Susanna Moon
Chicago, March 15 - Royal Bank of Scotland NV priced $53,000 of 12.5% annualized Knock-in Reverse Exchangeable Securities due June 17, 2010 based on the performance of Las Vegas Sands Corp 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 - 70% 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 Las Vegas Sands shares equal to $1,000 divided by the initial share price.
RBS Securities Inc. is the agent.
Issuer: | Royal Bank of Scotland NV
|
Issue: | Knock-in Reverse Exchangeable Securities
|
Underlying stock: | Las Vegas Sands Corp (Symbol: LVS)
|
Amount: | $53,000
|
Maturity: | June 17, 2010
|
Coupon: | 12.5%, payable monthly
|
Price: | Par
|
Payout at maturity: | If stock dips below knock-in price of $13.71 during life of notes and finishes below initial share price, 51.046 Las Vegas Sands shares; otherwise, par
|
Initial share price: | $19.59
|
Knock-in price: | $13.71, 70% of initial share price
|
Pricing date: | March 12
|
Settlement date: | March 17
|
Agent: | RBS Securities Inc.
|
Fees: | 1.625%
|
Cusip: | 78009KBU5
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.