RBS plans to price 15.75% reverse exchangeables linked to AK Steel

By Susanna Moon

Chicago, April 30 - Royal Bank of Scotland NV plans to price 15.75% annualized Knock-In Reverse Exchangeable notes due Aug. 13, 2010 based on AK Steel Holding Corp. shares, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless AK Steel shares fall below 75% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of AK Steel shares equal to $1,000 divided by the initial price.

The notes are expected to price on May 11 and settle on May 14.

RBS Securities Inc. is the agent.

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