RBS debuts in Japanese retail market

RBS Securities Japan has made its first foray into the Japanese retail structured products market with two, new structured bonds. The launch follows approval by Japanese authorities of shelf-registration status, granted in November 2007, that allows RBS to act as a frequent issuer in the public bond market.

The three-year bonds, embedded with equity derivatives, are designed to provide yield enhancement against the risk of physical redemption into pre-determined Japanese single stocks. The non-principal protected auto-callable digital coupon note, linked to the shares of Sumitomo Metal Industries and Marubeni Corp, provides either 8% or 0.25% interest a year paid over four interest periods.

In the first interest period, commencing on 25 January 2008 and ending 24 April 2008, 8% pa interest is paid

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