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Bear Stearns plans issue of reverse convertibles linked to Petróleo Brasileiro
By Jennifer Chiou
New York, June 27 - Bear Stearns Cos. Inc. plans to price an issue of one-year reverse convertible notes linked to Petróleo Brasileiro SA stock, according to an FWP filing with the Securities and Exchange Commission.
The coupon is talked at 15%.
If Petróleo Brasileiro stock falls by 20% or more during the life of the notes and the stock finishes below the initial share price, payout will be cash, with a full exposure to the stock's decline, or a number of Petróleo Brasileiro shares equal to $1,000 divided by the initial share price.
Otherwise, payout is par.
Bear, Stearns & Co. Inc. is the agent.
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