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Calyon to price 19% reverse convertibles linked to Ford
By Angela McDaniels
Seattle, Nov. 7 - Calyon plans to price 19% reverse convertible notes due May 21, 2008 linked to the common stock of Ford Motor Co., according to a term sheet.
Interest will be payable monthly.
The payout at maturity will be par unless Ford shares fall by more than 20% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Ford shares equal to $1,000 divided by the initial share price.
The notes will price on Nov. 16 and settle on Nov. 21.
Calyon Securities (USA) Inc. is the agent.
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