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Rabo ups coupon of knock-in notes linked to MasterCard via LaSalle to 16%
By Laura Lutz
Des Moines, Nov. 17 - Rabo Financial Products BV raised to 16% the coupon on its knock-in reverse convertible notes due May 29, 2007 linked to MasterCard, Inc. stock.
The coupon was set at 12.6% when the deal was announced on Nov. 13.
LaSalle Financial Services Inc., the agent for the deal, said that the coupon was raised in response to a "dramatic increase" in the volatility of MasterCard's stock.
The pricing date will be Nov. 24 with settlement on Nov. 29.
The payout at maturity will be par in cash unless MasterCard stock trades at or below the knock-in price and closes below the initial price, in which case investors will receive a number of MasterCard shares equal to $1,000 divided by the initial share price.
The knock-in price will be 80% of the initial shares price.
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