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Lehman to price return optimization securities linked to S&P 500
By Susanna Moon
Chicago, Oct. 29 - Lehman Brothers Holdings Inc. plans to price an issue of 0% return optimization securities with partial protection due May 6, 2009 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
At maturity, the payout will be par plus double the index return, capped at a maximum gain of between 18% and 20%. The exact cap will be set at pricing.
If the index falls up to 10%, the payout will be par. Beyond a 10% drop, investors will lose 1% for each 1% loss in the index.
The notes are expected to price on Nov. 2 and settle on Nov. 7.
UBS Financial Services Inc. and Lehman Brothers Inc. will be the underwriters.
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