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Bear Stearns plans issue of reverse convertibles linked to United States Steel
By Jennifer Chiou
New York, Aug. 22 - Bear Stearns Cos. Inc. plans to price an issue of three-month reverse convertible notes linked to United States Steel Corp. stock, according to an FWP filing with the Securities and Exchange Commission.
The coupon is talked at 20%.
If United States Steel stock falls by 20% or more during the life of the notes and the stock finishes below the initial share price, payout will be cash, with a full exposure to the stock's decline, or a number of United States Steel shares equal to $1,000 divided by the initial share price.
Otherwise, payout is par.
Bear, Stearns & Co. Inc. is the agent.
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