By Toni Weeks
San Luis Obispo, Calif., March 15 - BNP Paribas priced $5.04 million of 0% contingent buffered enhanced notes due March 21, 2014 linked to the common stock of Apple Inc., according to a term sheet.
A knock-out occurs if the Apple share price falls below the knock-out price, 80% of the initial price, during the life of the notes.
If a knock-out event has not occurred, the payout at maturity will be par plus the greater of the stock return and the 5% contingent minimum return.
If a knock-out event has occurred, the payout will be par plus the stock return, which could be positive or negative.
In either case, the maximum return is capped at 26%.
BNP Paribas Securities Corp. is the underwriter, with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents.
| Issuer: | BNP Paribas
|
| Issue: | Contingent buffered enhanced notes
|
| Underlying stock: | Apple Inc. (Nasdaq: AAPL)
|
| Amount: | $5,038,000
|
| Maturity: | March 21, 2014
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If stock price falls below 80% of initial price during life of notes, par plus stock return, with exposure to any losses; if stock price never falls below 80% knock-in level, par plus greater of stock return and 5%; in either case, maximum return is 26%
|
| Initial price: | $431.17
|
| Knock-out price: | $344.9360, 80% of initial price
|
| Pricing date: | March 5
|
| Settlement date: | March 8
|
| Underwriter: | BNP Paribas Securities, with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents.
|
| Fees: | 1%
|
| Cusip: | 05574LGK8
|
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