New Issue: BNP Paribas prices $2.09 million 11.6% reverse convertibles on Fluor

By Marisa Wong

Madison, Wis., May 2 - BNP Paribas, NY Branch priced $2.09 million of 11.6% annualized reverse convertible notes due Nov. 4, 2013 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 - 80% 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
Issue:	Reverse convertible notes
Underlying stock:	Fluor Corp. (Symbol: FLR)
Amount:	$2,086,000
Maturity:	Nov. 4, 2013
Coupon:	11.6% per year, payable quarterly
Price:	Par
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
Knock-out event:	Closing share price is below knock-out price on any day during life of notes
Initial price:	$56.98
Knock-out price:	$45.5840, 80% of initial price
Pricing date:	April 30
Settlement date:	May 3
Agent:	BNP Paribas
Fees:	0.25%
Cusip:	05574LJF6

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