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Lehman to issue FX Multi-Range Notes linked to the pound/dollar exchange rate
By E. Janene Geiss
Philadelphia, March 1 - Lehman Brothers Holdings Inc. plans to price an issue of Foreign Exchange Multi-Range Notes linked to the British pounds sterling/dollar spot exchange rate, according to an FWP filing with the Securities and Exchange Commission.
Payout at maturity will be par plus an additional amount if the pound/dollar spot exchange rate remains within the initial range, or if it trades below the lower barrier and then remains within a new low range, or if it trades above the upper barrier and the remains with a new high range.
The initial range will be the exchange rate on the settlement date plus 0.04 to minus 0.06. The lower barrier is the exchange rate on the settlement date plus 0.04 and the new low range is 0.05 either side of the lower barrier. The upper barrier is the exchange rate on the settlement date minus 0.06 and the new high range is 0.05 either side of the upper barrier.
The additional amount is expected to be between 5% and 7%.
If the tests are not met, investors will receive par at maturity.
There will be no interest payments.
Maturity, pricing and settlement will be determined at a later date.
Lehman Brothers Inc. will be the underwriter for the offering.
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