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RBS to Offer New ETN Tied to Alternating S&P Large-Cap Indexes

Royal Bank of Scotland Group Plc, Britain’s biggest government-owned lender, is offering an exchange-traded note tied to three Standard & Poor’s indexes.

RBS U.S. Large Cap Alternator Exchange Traded Notes, which will start trading today under the ticker ALTL on the New York Stock Exchange’s Arca platform, track an index of the same name, according to a prospectus filed with the U.S. Securities and Exchange Commission. The index follows either the S&P 500 Total Return Index, the S&P 500 Low Volatility Total Return Index, or the S&P 500 Equal Weight Total Return Index, depending on which has been the best performer.

RBS issued one other exchange-traded note this year, its China Trendpilot ETN, on April 19. The note tracks an index of Chinese depositary receipts listed on the NYSE, NYSE Amex, and Nasdaq exchanges, according to a prospectus filed with the SEC. When the index performance falls below a 100-day moving average, the note follows the yield of three-month U.S. Treasury bills.

Ed Canaday, an RBS spokesman, declined to comment.

To contact the reporter on this story: Kevin Dugan in New York at kdugan4@bloomberg.net

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net

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