RBS debuts in Japanese retail 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 pa

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