Published on 3/5/2007 in the Prospect News Structured Products Daily.
New Issue: Lehman prices $5 million non-callable steepener notes linked to 30-year, 10-year CMS rates
By E. Janene Geiss
Philadelphia, March 5 - Lehman Brothers Holdings Inc. priced $5 million of non-callable steepener notes due March 28, 2022, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
The notes will bear interest at 10% through March 28, 2008. After that, the interest rate will be reset quarterly and will equal 50 times the spread of the 30-year constant maturity swap (CMS) rate over the 10-year CMS rate, subject to a minimum interest rate of 0%.
Issuer: | Lehman Brothers Holdings Inc.
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Issue: | Steepener notes
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Amount: | $5 million
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Maturity: | March 28, 2022
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Coupon: | 10% through March 28, 2008; 50 times the spread of the 30-year CMS rate over the 10-year CMS rate after that; payable quarterly
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Price: | Par
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Call: | At par on interest payment dates beginning March 28, 2008
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Payout at maturity: | Par plus accrued interest
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Pricing date: | March 2
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Settlement date: | March 28
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Underwriter: | Lehman Brothers Inc.
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