Lehman to price 0% appreciation notes linked to Malaysian ringgit

By E. Janene Geiss

Philadelphia, March 30 - Lehman Brothers Holdings Inc. plans to price an offering of zero-coupon principal-protected appreciation notes due 2008 linked to the Malaysian ringgit versus a short position in the dollar, according to an FWP filing with the Securities and Exchange Commission.

If the ringgit has appreciated relative to the dollar, the payout will be par multiplied by a leverage percentage to be determined at pricing and expected to be between 130% and 150%.

If the ringgit has depreciated relative to the dollar, payout will be par.

Lehman Brothers Inc. will be the underwriter.

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