Published on 11/1/2006 in the Prospect News Structured Products Daily.
New Issue: ABN Amro sells $675,000 13% reverse exchangeables linked to U.S. Steel
By Laura Lutz
Des Moines, Nov. 1 - ABN Amro Bank NV priced $675,000 of 13% Knock-In Reverse Exchangeable notes due Oct. 31, 2007 linked to United States Steel Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payment at maturity will be determined according to the performance of U.S. Steel stock. If the stock trades at or below $47.91, the knock-in price, and closes below $68.44, the initial price, between Oct. 26, 2006 and Oct. 26, 2007, investors will receive a number of U.S. Steel shares equal to $1,000 divided by the initial stock price. The knock-in price is 70% of the initial price. Otherwise, investors will receive par in cash.
Issuer: | ABN Amro Bank NV
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Issue: | Knock-In Reverse Exchangeable notes
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Underlying stock: | United States Steel Corp.
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Amount: | $675,000
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Maturity: | Oct. 31, 2007
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Coupon: | 13%, payable monthly
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Price: | Par
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Payout at maturity: | If U.S. Steel stock closes below the knock-in price during the life of the notes and finishes below the initial price, 14.611 shares of U.S. Steel stock; otherwise par in cash
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Initial price: | $68.44
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Knock-in price: | $47.91
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Exchange ratio: | 14.611
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Pricing date: | Oct. 26
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Settlement date: | Oct. 31
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Agent: | ABN Amro Inc.
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Agent's fee: | 2%
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Distribution: | Off shelf
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