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BNP Paribas plans uncapped dual directional notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Jan. 5 – BNP Paribas plans to price 0% dual directional notes due Jan. 29, 2020 linked to the S&P 500 index, according to a term sheet.
If the index finishes at or above the initial level, the payout at maturity will be par plus the index return.
If the index falls but the final index level is greater than or equal to the barrier level, the payout will be par plus 50% of the absolute value of the index return. The barrier level will be set at pricing and is expected to be 57.5% to 62.5% of the initial level.
If the final index level is less than the barrier level, investors will be fully exposed to the index’s decline.
BNP Paribas Securities Corp. is the agent.
The notes will price Jan. 26.
The Cusip number is 05579TKJ4.
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