New Issue: RBS prices $365,000 digital notes with buffer linked to Dow

By Angela McDaniels

Tacoma, Wash., Feb. 21 - Royal Bank of Scotland plc priced $365,000 of 0% digital notes with fixed buffer due Aug. 20, 2015 linked to the Dow Jones industrial average, according to a 424B5 filing with the Securities and Exchange Commission.

If the index return is zero or positive, the payout at maturity will be par plus the greater of the index return and 19%. Investors will receive par if the index falls by up to 20% and will lose 1% for every 1% that the index declines beyond 20%.

RBS Securities Inc. is the underwriter.

Issuer:	Royal Bank of Scotland plc
Issue:	Digital notes with fixed buffer
Underlying index:	Dow Jones industrial average
Amount:	$365,000
Maturity:	Aug. 20, 2015
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus greater of 19% and index return if final index level is greater than or equal to initial index level; par if index declines by 20% or less; 1% loss for every 1% that index declines beyond 20%
Initial index level:	12,949.87
Pricing date:	Feb. 17
Settlement date:	Feb. 21
Underwriter:	RBS Securities Inc.
Fees:	3.7%
Cusip:	78009PCM1

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