By Jennifer Chiou
New York, Aug. 9 - BNP Paribas priced $5 million of 14.75% annualized reverse convertible notes due Dec. 28, 2007 linked to General Motors Corp. stock, according to a BNP offering circular.
Interest is payable monthly.
The payout at maturity will be par in cash unless General Motors stock falls below the knock-in level of $26.78, 80% of its initial price, during the life of the notes.
If the knock-in level is hit, the payout at maturity will be par in cash if the stock closes above its initial price on the valuation date of Dec. 21, 2007. Otherwise, the payout will be a number of General Motors shares equal to $1,000 divided by the initial share price.
Commerzbank Capital Markets Corp. is the underwriter.
| Issuer: | BNP Paribas
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | General Motors Corp.
|
| Amount: | $5 million
|
| Maturity: | Dec. 28, 2007
|
| Coupon: | 14.75%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | A number of General Motors shares equal to $1,000 divided by the initial share price if General Motors stock falls by 20% or more and the stock finishes below the initial price; otherwise par in cash
|
| Initial share price: | $33.48
|
| Protection price: | $26.78, 80% of the initial share price
|
| Pricing date: | Aug. 8
|
| Settlement date: | Aug. 16
|
| Lead manager: | Commerzbank Capital Markets Corp.
|
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