Published on 6/28/2007 in the Prospect News Structured Products Daily.
New Issue: ABN Amro sells $1.325 million 11.5% knock-in reverse notes linked to Apple
By Laura Lutz
Des Moines, June 28 - ABN Amro Bank NV priced $1.325 million of 11.5% Knock-in Reverse Exchangeable Securities due June 30, 2008 linked to Apple Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payment at maturity will be determined according to the performance of Apple stock. If the stock trades at or below $95.72, the knock-in price, and closes below $119.65, the initial price, during the life of the notes, investors will receive a number of Apple shares equal to $1,000 divided by the initial stock price. The knock-in price is 80% 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: | Apple Inc.
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Amount: | $1.325 million
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Maturity: | June 30, 2008
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Coupon: | 11.5%, payable monthly
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Price: | Par
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Payout at maturity: | If Apple Inc. stock closes below the knock-in price during the life of the notes and finishes below the initial price, 8.358 shares of Apple stock; otherwise, par in cash
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Initial price: | $119.65
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Knock-in price: | $95.72, 80% of initial price
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Exchange ratio: | 8.358 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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