Published on 5/2/2013 in the Prospect News Structured Products Daily.
New Issue: BNP Paribas prices $2.76 million 8.8% reverse convertibles on Fluor
By Marisa Wong
Madison, Wis., May 2 - BNP Paribas, NY Branch priced $2.76 million of 8.8% reverse convertible notes due May 6, 2014 linked to the common stock of Fluor Corp., according to a term sheet.
Interest is payable quarterly.
A knock-out event occurs if the closing price of Fluor stock is below its knock-out price - 70% of the initial price - on any day during the life of the notes.
The payout at maturity will be par unless the final share price is less than the initial price and a knock-out event has occurred, in which case investors will receive a number of shares of Fluor stock equal to $1,000 divided by the initial price, with fractional shares paid in cash.
BNP Paribas is the agent.
Issuer: | BNP Paribas, NY Branch
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Issue: | Reverse convertible notes
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Underlying stock: | Fluor Corp. (Symbol: FLR)
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Amount: | $2,763,000
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Maturity: | May 6, 2014
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Coupon: | 8.8%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless final share price is less than initial price and a knock-out event has occurred, in which case a number of shares of Fluor stock equal to $1,000 divided by initial price, with fractional shares paid in cash
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Knock-out event: | Closing share price is below knock-out price on any day during life of notes
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Initial price: | $56.98
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Knock-out price: | $39.8860, 70% of initial price
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Pricing date: | April 30
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Settlement date: | May 3
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Agent: | BNP Paribas
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Fees: | 0.25%
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Cusip: | 05574LJE9
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