Lehman upsizes range notes; Barclays prices $2 million principal-protected notes

By LLuvia Mares

New York, Jan. 16 - Lehman Brothers Holdings Inc. has lifted an offering of range notes linked to six-month Libor to $35 million after repeated upsizings.

In the most recent increment, Lehman priced $5 million of the notes.

Lehman originally priced $3 million of the notes on Jan. 7. The company priced an additional $2 million of notes later that day, $6 million in two tranches on Jan. 8, $3 million on Jan. 9, another $3 million on Jan. 10, $8 million on Jan. 11 and $5 million on Jan. 14.

Interest is payable quarterly and equals 8.75% per year multiplied by the proportion of days on which six-month Libor is at least 0% and not more than 7%.

The notes are callable at par on any interest payment date beginning April 24, 2008.

Lehman Brothers Inc. is the underwriter.

Barclays prices $2 million linked to ConocoPhillips

Elsewhere in the market, Barclays Bank plc priced $2 million of zero-coupon 100% principal-protected notes due Jan. 14, 2009 linked to the common stock of ConocoPhillips.

If the stock stays within 20% of its initial price during the life of the notes, the payout at maturity will be 111.25% of par. Otherwise the payout is par.

Barclays Capital Inc. is the agent.

JPMorgan plans notes linked to Nikkei

In other news, JPMorgan Chase & Co. plans to price 0% return enhanced notes due July 30, 2009 linked to the Nikkei 225 index.

The payout at maturity will be par plus triple any index gain, subject to a maximum return that is expected to be at least 30% and will be determined at pricing. Investors will be fully exposed to any index decline.

The notes are expected to price Jan. 25 and settle Jan. 30.

J.P. Morgan Securities Inc. will be the agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.