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BNP Paribas to price contingent variable income notes linked to stocks
By Toni Weeks
San Diego, Nov. 13 - BNP Paribas plans to price contingent variable income notes due Nov. 30, 2017 linked to a basket of common stocks, according to a term sheet.
The underlying stocks are Altria Group, Inc., AT&T, Inc., Eli Lilly & Co., FirstEnergy Corp., Kellogg Co., Kinder Morgan, Lockheed Martin Corp., PPL Corp., Reynolds American Inc. and Verizon Communications Inc.
Interest is payable annually in an amount equal to the average of the stocks' performances, subject to a minimum coupon of 0.5%.
If a stock's return is positive or flat, its performance will be equal to the auto cap. If a stock's return is negative, its performance will be the greater of the stock return and negative 20%. The auto cap is expected to be 5% to 6% and will be set at pricing.
The payout at maturity will be par plus the final coupon.
The notes are expected to price Nov. 27 and settle Nov. 30.
The distributor is Advisors Asset Management, Inc.
The Cusip number is 05574LBV9.
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