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BNP to price dual directional notes tied to basket of five oil stocks
By Marisa Wong
Morgantown, W.Va., March 8 – BNP Paribas plans to price 0% dual directional notes due March 31, 2021 linked to a basket of five oil stocks, according to a term sheet.
The basket is made up of BP plc, Chevron Corp., Exxon Mobil Corp., Royal Dutch Shell plc and Total SA, all equally weighted.
If the basket finishes above its initial level, the payout at maturity will be par plus the basket return.
If the basket declines but finishes at or above the barrier level, 55% of its initial level, the payout at maturity will be par plus 80% to 120% of the absolute value of the basket return. The exact downside participation rate will be set at pricing.
If the basket finishes below the barrier level, investors will be fully exposed to the decline in the basket from its initial level.
BNP Paribas is the agent.
The notes will price on March 28 and settle on March 31.
The Cusip number is 05579TM29.
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