RBS plans two-year capped enhanced participation notes tied to S&P 500

By Susanna Moon

Chicago, July 6 - Royal Bank of Scotland plc plans to price 0% capped enhanced participation notes with fixed buffer due July 31, 2013 linked to the S&P 500 index, according to a 424B5 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus triple any gain in the index, up to a maximum return of 18.5% to 20.5%. The exact cap will be set at pricing.

Investors will receive par if the index falls by up to 10% and will be exposed to any decline beyond 10%.

RBS Securities Inc. is the underwriter.

The notes will price on July 26 and settle on July 29.

The Cusip is 78009PAY7.

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