By Jennifer Chiou
New York, Nov. 28 - Royal Bank of Scotland plc priced $3.35 million of range accrual notes due Nov. 30, 2026 linked to the 30-year and the two-year Constant Maturity Swap rates, according to a 424B5 filing with the Securities and Exchange Commission.
The coupon will be 7% for the first two years. Beginning on Nov. 30, 2013, for each day that the 30-year CMS rate is greater than or equal to the two-year CMS rate, it will accrue at 7% until Nov. 30, 2021, 8% until Nov. 30, 2024 and 10% after that until maturity. Interest will be payable quarterly.
The payout at maturity will be par.
The notes will be callable on any interest payment date after two years.
Barclays Capital Inc. is the agent.
| Issuer: | Royal Bank of Scotland plc
|
| Issue: | Range accrual notes
|
| Underlying rates: | 30-year and two-year Constant Maturity Swap rates
|
| Amount: | $3.35 million
|
| Maturity: | Nov. 30, 2026
|
| Coupon: | 7% for the first two years; beginning on Nov. 30, 2013, for each day that the 30-year CMS rate is greater than or equal to the two-year CMS rate, it will accrue at 7% until Nov. 30, 2021, 8% until Nov. 30, 2024 and 10% until maturity; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | Nov. 23
|
| Settlement date: | Nov. 29
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 4%
|
| Cusip: | 78011PAA5
|
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