RBS and NAB offer investors the chance to restrike
Royal Bank of Scotland (RBS) and National Australian Bank (NAB) have teamed up to offer a product called Re-Strike, which will give investors with non-performing investments the chance to reset capital. RBS is the issuer.
Re-Strike offers exposure to two underlying index-referencing commodity futures. “The SPI 200 index futures (series 1) and the Aquantum Pegasus EL1 strategy (series 2) offer income; series 1 offers a fixed coupon of 2.86% pa and series 2 offers 3.08%. Both are re-invested, contingent coupons are payable of 40% of all returns on underlyings above the first 5%,” says Aaron Stambulich, head of public distribution in Asia at RBS.
Series 1 lasts seven years and series 2 six-and-a-half years, and
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