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RBS to redeem 13 ETNs


The Royal Bank of Scotland (RBS) is to redeem 13 exchange traded notes (ETNs) on or about 7 July, 2015.

The EYNs in question are: 

• RBS Global Big Pharma Exchange Traded Notes (ticker: DRGS)
• RBS US Large Cap Alternator Exchange Traded Notes™ (ticker: ALTL)
• RBS China Trendpilot™ Exchange Traded Notes (ticker: TCHI)
• RBS Gold Trendpilot™ Exchange Traded Notes (ticker: TBAR)
• RBS NASDAQ-100® Trendpilot™ Exchange Traded Notes (ticker: TNDQ)
• RBS Oil Trendpilot™ Exchange Traded Notes (ticker: TWTI)
• RBS US Large Cap Trendpilot™ Exchange Traded Notes (ticker: TRND)
• RBS US Mid Cap Trendpilot™ Exchange Traded Notes (ticker: TRNM)
• RBS Rogers Enhanced Commodity Index Exchange Traded Notes (ticker: RGRC)
• RBS Rogers Enhanced Agriculture Exchange Traded Notes (ticker: RGRA)
• RBS Rogers Enhanced Energy Exchange Traded Notes (ticker: RGRE)
• RBS Rogers Enhanced Precious Metals Exchange Traded Notes (ticker: RGRP)
• RBS Rogers Enhanced Industrial Metals Exchange Traded Notes (ticker: RGRI)

As described in the related pricing supplement for each ETN, RBS plc, as Issuer of the ETNs, may redeem the ETNs in whole, but not in part, at its sole discretion prior to maturity.

RBS plc previously disclosed in the related pricing supplement for each ETN its expectation that it would redeem the ETNs. The expected redemption is a consequence of RBS plc's exit of the structured retail investor products business.

RBS plc expects to provide notice of redemption to the trustee and to the holders of the ETNs via The Depository Trust Company on June 29, 2015. The daily redemption value of each ETN will be determined on its applicable valuation date. Payment of the daily redemption value of each ETN is expected to be made on the sixth business day following the date of the notice of redemption, which is expected to be 7 July, 2015. Accordingly, the last day of trading for each ETN is expected to be 6 July, 2015.

Daily creations of each of the ETNs are suspended, effective immediately. Repurchases at the option of investors will be accepted in the normal manner up to and including 29 June, 2015. 

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