RBS to redeem 13 ETNs as part of exit from structured products business

By Toni Weeks

San Luis Obispo, Calif., June 22 – Royal Bank of Scotland plc announced that it will redeem 13 series of its exchange-traded notes.

The redemption is a consequence of RBS’ exit from the structure products business, according to a press release.

The affected ETNs are as follows:

• RBS Global Big Pharma ETNs (Symbol: DRGS);

• RBS US Large Cap Alternator ETNs (Symbol: ALTL);

• RBS China Trendpilot ETNs (Symbol: TCHI);

• RBS Gold Trendpilot ETNs (Symbol: TBAR);

• RBS Nasdaq-100 Trendpilot ETNs (Symbol: TNDQ);

• RBS Oil Trendpilot ETNs (Symbol: TWTI);

• RBS US Large Cap Trendpilot ETNs (Symbol: TRND);

• RBS US Mid Cap Trendpilot ETNs (Symbol: TRNM);

• RBS Rogers Enhanced Commodity index ETNs (Symbol: RGRC);

• RBS Rogers Enhanced Agriculture ETNs (Symbol: RGRA);

• RBS Rogers Enhanced Energy ETNs (Symbol: RGRE);

• RBS Rogers Enhanced Precious Metals ETNs (Symbol: RGRP); and

• RBS Rogers Enhanced Industrial Metals ETNs (Symbol: RGRI).

As described in the related pricing supplement for each ETN, the issuer may redeem the ETNs in whole, but not in part, at its option prior to maturity. RBS said it previously disclosed in the pricing supplements that it expected to redeem the notes.

Noteholders will receive a redemption notice on June 29, with payment to be made on July 7. The last day of trading for each ETN is expected to be July 6.

RBS plc is the wholesale banking arm of Edinburgh-based Royal Bank of Scotland Group plc.

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