New York, Feb. 1 - Bear Stearns Global Asset Holdings Ltd. priced $20 million of credit-linked notes linked to the Republic of Peru.
The notes pay a coupon of Libor plus 165 basis points and mature in 2011.
On a credit event on Peru's sovereign debt, investors will receive an equal principal amount of Peru sovereign bonds that have been issued on the international market.
Credit events include failure to pay, acceleration, repudiation or moratorium or restructuring.
Bear Stearns & Co. was the dealer for the debt, which was issued under Rule 144A and Regulation S under Bear Stearns' medium-term note program.
The notes may be sold at more or less than par, with the exact level to be negotiated with the buyers.
Issuer: | Bear Stearns Global Asset Holdings Ltd.
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Guarantor: | Bear Stearns Cos. Inc.
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Issue: | Credit-linked notes linked to Republic of Peru
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Amount: | $20 million
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Maturity: | July 20, 2011
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Coupon: | Libor plus 165 basis points
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Price: | Individually negotiated with purchasers
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Payout at maturity: | Par unless a credit event occurs
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Call: | Non-callable
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Payout on credit event: | Equal principal amount of a Peru sovereign bond
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Settlement: | Jan. 31
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Dealer: | Bear Stearns & Co.
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Distribution: | Rule 144A/Regulation S
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