Published on 7/30/2008 in the Prospect News Structured Products Daily.
New Issue: ABN Amro prices $0.35 million 12.25% reverse convertibles linked to Merck
New York, July 30 - ABN Amro Bank NV priced $0.35 million of 12.25% Knock-In Reverse Exchangeable notes due Jan. 30, 2009 linked to Merck & Co., Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Merck shares fall below the protection price of $27.25, 85% of the initial price of $32.06, during the life of the notes and finish below the initial price in which case the payout will be 31.192 shares of Merck stock.
ABN Amro Inc. is the agent.
Issuer: | ABN Amro Bank NV
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Issue: | Knock-In Reverse Exchangeable notes
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Underlying stock: | Merck & Co., Inc. (Symbol: MRK)
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Amount: | $0.35 million
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Maturity: | Jan. 30, 2009
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Coupon: | 12.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Merck shares fall below the protection price of $27.25, 85% of the initial price, and finish below the initial price, in which case 31.192 shares of Merck stock
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Initial price: | $32.06
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Protection price: | $27.25, 85% of $32.06
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Exchange ratio: | 31.192
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Pricing date: | July 28
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Settlement date: | July 31
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Agent: | ABN Amro Inc.
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Fees: | 1.75%
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