Published on 4/1/2013 in the Prospect News Structured Products Daily.
New Issue: BNP Paribas prices $575,000 phoenix worst-of notes linked to Freeport, HP
By Angela McDaniels
Tacoma, Wash., April 1 - BNP Paribas priced $575,000 of 0% phoenix worst-of notes due March 27, 2014 linked to the common stocks of Freeport-McMoRan Copper & Gold Inc. and Hewlett-Packard Co., according to a term sheet.
Each quarter, the notes will pay a coupon at an annualized rate of 11.2% if the closing share price of each stock is greater than or equal to its barrier price - 64% of its initial share price - on the coupon valuation date for that quarter.
The notes will be automatically called at par plus the conditional coupon if both stocks close at or above their initial share prices on June 24, 2013, Sept. 24, 2013 or Dec. 23, 2013.
If the notes are not called, the payout at maturity will be par unless the worst-performing stock finishes below its barrier price, in which case investors will be fully exposed to the decline of the worst-performing stock.
BNP Paribas Securities is the agent.
| Issuer: | BNP Paribas
|
| Issue: | Phoenix worst-of notes
|
| Underlying stocks: | Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX) and Hewlett-Packard Co. (Symbol: HPQ)
|
| Amount: | $575,000
|
| Maturity: | March 27, 2014
|
| Coupon: | 11.2% per year if both stocks close at or above barrier prices on coupon valuation date for that quarter; otherwise, no coupon will be paid that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless worst-performing stock finishes below barrier price, in which case full exposure to decline of worst-performing stock
|
| Call: | At par plus conditional coupon if closing share prices are greater than or equal to initial share prices on June 24, 2013, Sept. 24, 2013 or Dec. 23, 2013
|
| Initial share prices: | $33.00 for Freeport-McMoRan and $23.04 for Hewlett-Packard
|
| Barrier prices: | $21.12 for Freeport-McMoRan and $14.7456 for Hewlett-Packard, 64% of initial prices
|
| Pricing date: | March 22
|
| Settlement date: | March 27
|
| Agent: | BNP Paribas Securities
|
| Fees: | 1%
|
| Cusip: | 05574LGU6
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
