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RBS plans three-year annual reset coupon notes linked to S&P 500
By Toni Weeks
San Diego, Oct. 26 - Royal Bank of Scotland plc plans to price annual reset coupon notes with fixed buffer due Dec. 3, 2014 linked to the S&P 500 index, according to a 424B5 filing with the Securities and Exchange Commission.
The coupon will be 7.75% if the index closes at or above its initial level for each annual observation period. Otherwise, the coupon will be 2%. Interest is payable annually.
The payout at maturity will be par unless the index falls by more than 20%, in which case investors will lose 1% for every 1% decline beyond 20%.
The notes (Cusip: 78009PCB5) are expected to price Nov. 28 and settle Nov. 30.
RBS Securities Inc. is the agent.
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