New Issue: BNP Paribas prices $2.523 million 15.75% reverse convertibles linked to Tesoro

By Jennifer Chiou

New York, July 26 - BNP Paribas priced $2.523 million of 15.75% down-and-in reverse convertible notes due Oct. 25, 2006 linked to Tesoro Corp. stock, according to a BNP offering circular.

The payout at maturity will be par in cash unless Tesoro stock falls below the knock-in level of $55.024, 80% of its initial price, during the life of the notes.

If the knock-in level is hit, the payout at maturity is par in cash if the stock closes above its initial price on the valuation date of Oct. 20, 2006. Otherwise, the payout is a number of Tesoro shares equal to $1,000 divided by the initial share price.

BNP Paribas is the underwriter. JVB Financial Group, LLC is the distributor.

Issuer:	BNP Paribas
Issue:	Reverse convertible notes
Underlying stock:	Tesoro Corp.
Amount:	$2.523 million
Maturity:	Oct. 25, 2006
Coupon:	15.75%, payable monthly
Price:	Par
Payout at maturity:	A number of Tesoro shares equal to $1,000 divided by the initial share price if Tesoro stock falls by 20% or more and the stock finishes below the initial price, otherwise par in cash
Initial share price:	$68.78
Protection price:	$55.024, 80% of the initial share price
Pricing date:	July 21
Settlement date:	July 26
Underwriter:	BNP Paribas
Distributor:	JVB Financial Group, LLC

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