Bear Stearns Companies Inc - Free Writing Prospectus - Filing under Securities Act Rules 163/433 (FWP)
March 04 2008 - 1:38PM
Edgar (US Regulatory)
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Filed
Pursuant to Rule 433
Registration
No. 333−136666
March
4, 2008
STRUCTURED
EQUITY PRODUCTS
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THE
BEAR STEARNS COMPANIES INC.
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Principal
Protected Notes Linked to the Strengthening of the Brazilian
Real, Russian
Ruble, Indian Rupee and Chinese Yuan Exchange Rates against
the U.S.
Dollar
Due
March [
l
],
2010
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INVESTMENT
HIGHLIGHTS
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·
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2
year term to maturity.
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·
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The
Notes are 100% principal protected if held
to maturity.
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Issue
is a direct obligation of The Bear Stearns
Companies Inc. (Rated “A2” by
Moody’s / “A” by S&P).
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Issue
Price: 100.00% of the principal amount ([99.00]%
for investors who
purchase a principal amount of at least $1,000,000).
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Linked
to an equally weighted basket consisting
of the Currency Exchange Rates
between: (1) the U.S. Dollar and the Brazilian
Real; (2) the U.S. Dollar
and the Russian Ruble; (3) the U.S. Dollar
and the Indian Rupee; and (4)
the U.S. Dollar and the Chinese Yuan, each
expressed as the number of
units of the U.S. Dollar, per Brazilian Real,
Russian Ruble, Indian Rupee
or Chinese Yuan (each a “Reference Currency” and collectively the
“Reference Currencies”), as applicable.
The
weighting of each Component is fixed at 25%
and will not change, unless
any Component is modified during the term
of the Notes.
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·
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If
the Basket Performance is greater than 0%,
the Cash Settlement Value per
note will equal $1,000 plus the product of:
(a) $1,000 multiplied by (b)
the Participation Rate multiplied by (c)
the Basket
Performance.
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·
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If
the Basket Performance is less than or equal
to 0%, the Cash Settlement
Value per Note will equal $1,000. Because
the Notes are 100% principal
protected if held to maturity, in no event
will the Cash Settlement Value
at maturity be less than $1,000 per Note.
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The
Participation Rate is [170.00-180.00]%.
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The
Basket Performance is equal to the quotient
(expressed as a percentage) of
(i) the sum of the four Component Performances
divided by (ii) 4. The
“Component Performance” with respect to each Component is the percentage
resulting from the quotient of (a) the Final
Fixing Level minus the
Initial Fixing Level, divided by (b) the
Initial Fixing Level. For the
avoidance of doubt, the Basket Performance
is greater when the Components,
on average, increase, as increasing Currency
Exchange Rates mean that more
U.S. Dollars are required to purchase units
of the respective Reference
Currency.
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BEAR,
STEARNS & CO. INC.
STRUCTURED
PRODUCTS GROUP
(212)
272-6928
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The
issuer has filed a registration statement (including
a prospectus) with
the SEC for the offering to which this free writing
prospectus relates.
Before you invest, you should read the prospectus
in that registration
statement and other documents the issuer has filed
with the SEC for more
complete information about the issuer and this offering.
You may get these
documents for free by visiting EDGAR on the SEC Web
site at
www.sec.gov
.
Alternatively, the issuer, any underwriter or any
dealer participating in
the offering will arrange to send you the prospectus
if you request it by
calling toll free 1-866-803-9204.
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STRUCTURED
PRODUCTS
GROUP
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GENERAL
TERMS FOR THE NOTE
OFFERING
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This
free writing prospectus relates to the offering of Notes linked to an equally
weighted basket consisting of the Currency Exchange Rates between: (1)
the U.S.
Dollar and the Brazilian Real; (2) the U.S. Dollar and the Russian Ruble;
(3)
the U.S. Dollar and the Indian Rupee; and (4) the U.S. Dollar and the Chinese
Yuan, each expressed as the number of units of the U.S. Dollar, per Brazilian
Real, Russian Ruble, Indian Rupee or Chinese Yuan, as applicable. We reserve
the
right to withdraw, cancel or modify the offering and to reject orders in
whole
or in part.
Defined
terms not defined herein shall have the same meaning as in the Prospectus
Supplement discussed below.
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ISSUER:
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The
Bear Stearns Companies Inc.
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ISSUER’S
RATING:
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“A2”
/ “A” (Moody’s / S&P)
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CUSIP
NUMBER:
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0739282X0
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ISSUE
PRICE:
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100.00%
of the principal amount ([99.00]% for investors who purchase
a principal
amount of at least $1,000,000).
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AGGREGATE
PRINCIPAL AMOUNT:
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$[
l
]
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DENOMINATIONS:
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$1,000
per Note and $1,000 multiples thereafter.
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INITIAL
FIXING DATE:
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March
[
l
]
,
2008
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ISSUE
DATE:
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March
[
l
]
,
2008
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FINAL
FIXING DATE:
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March
[
l
]
,
2010; provided that, with respect to a Component, (i) if
such date is not
a Component Business Day for that Component, then the Final
Fixing Date
for that Component will be the next succeeding day that
is a Component
Business Day for that Component and (ii) if a Market Disruption
Event
exists for that Component on the Final Fixing Date, the
Final Fixing Date
for that Component will be the next Component Business
Day for that
Component on which a Market Disruption Event does not exist
for that
Component. If the Final Fixing Date for any Component is
postponed for
three consecutive Component Business Days due to the existence
of a Market
Disruption Event, then, notwithstanding the existence of
a Market
Disruption Event on that third Component Business Day,
that third
Component Business Day will be the Final Fixing Date for
that Component.
If no Market Disruption Event exists with respect to a
Component on the
Final Fixing Date, the determination of that Component’s Final Fixing
Level will be made on the Final Fixing Date, irrespective
of the existence
of a Market Disruption Event with respect to one or more
of the other
Components.
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MATURITY
DATE:
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The
Notes are expected to mature on March [
l
]
,
2010 unless such date is not a Business Day, in which case
the Maturity
Date shall be the next Business Day. If the Final Fixing
Date is
postponed, the Maturity Date will be three Business Days
following the
Final Fixing Date, as postponed for the last Component
for which a Final
Fixing Level is determined.
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CASH
SETTLEMENT VALUE:
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On
the Maturity Date, you will receive the Cash Settlement
Value, an amount
in cash that is based on the Basket Performance:
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If
the
Basket Performance is greater than 0%, the Cash Settlement
Value per Note
will equal $1,000 plus the product of: (a) $1,000 multiplied
by (b) the
Participation Rate multiplied by (c) the Basket
Performance.
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If
the
Basket Performance is less than or equal to 0%, the Cash
Settlement Value
per Note will equal $1,000. Because the Notes are 100%
principal protected
if held to maturity, in no event will the Cash Settlement
Value at
maturity be less than $1,000 per Note.
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INITIAL
FIXING LEVEL:
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[●]
with respect to the BRL Exchange Rate; [●] with respect to the RUB
Exchange Rate; [●] with respect to the INR Exchange Rate; and [●] with
respect to the CNY Exchange Rate which, in each case, represents
the
Currency Exchange Rate of such Component on the Initial
Fixing
Date.
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FINAL
FIXING LEVEL:
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With
respect to each Component, the Currency Exchange Rate on
the Final Fixing
Date, as determined by the Calculation
Agent.
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STRUCTURED
PRODUCTS
GROUP
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BASKET:
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The
Currency Exchange Rates between: (1) the U.S. Dollar
and the Brazilian
Real (the “BRL Exchange Rate”); (2) the U.S. Dollar and the Russian Ruble
(the “RUB Exchange Rate”); (3) the U.S. Dollar and the Indian Rupee (the
“INR Exchange Rate”); and (4) the U.S. Dollar and the Chinese Yuan (the
“CNY Exchange Rate” and, together with the BRL Exchange Rate, the RUB
Exchange Rate and the INR Exchange Rate, each a “Component” and
collectively the “Components”), each expressed as the number of units of
the U.S. Dollar, per Brazilian Real, Russian Ruble, Indian
Rupee or
Chinese Yuan (each a “Reference Currency”), as applicable. The weighting
of each Component is fixed at 25% and will not change,
unless any
Component is modified during the term of the Notes.
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BASKET
PERFORMANCE:
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T
he
quotient (expressed as a percentage) of (i) the sum of
the four Component
Performances divided by (ii) 4.
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For
the
avoidance of doubt, the Basket Performance is greater
when the Components,
on average, increase, as increasing Currency Exchange
Rates mean that more
U.S. Dollars are required to purchase units of the respective
Reference
Currency.
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COMPONENT
PERFORMANCE:
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With respect
to each Component, is the percentage resulting from the
quotient of (a)
the Final Fixing Level minus the Initial Fixing Level,
divided by (b) the
Initial Fixing Level.
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PARTICIPATION
RATE:
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[170.00-180.00]%.
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CURRENCY
EXCHANGE RATE:
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With respect
to each Component, the quotient of (i) one divided by
(ii) the number of
units of the applicable Reference Currency which can
be exchanged for one
U.S. Dollar as stated on the Fixing Page on the Final
Fixing
Date.
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If,
with respect to a Component, no fixing is published on
the Final Fixing
Date or the Initial Fixing Date, the relevant fixing
level shall be
determined by the Calculation Agent for the Final Fixing
Date or the
Initial Fixing Date, as applicable.
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FIXING
PAGE:
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With respect
to the BRL Exchange Rate, the ask side exchange rate
published on
Bloomberg Professional
®
service page BZFXPTAX <Currency>
<Go>; with respect to the RUB Exchange Rate, the spot exchange
rate
published on Reuters page EMTA; with respect to the INR
Exchange Rate, the
reference rate published on Bloomberg page INRRATE <Currency>
<Go>; and with respect to the CNY Exchange Rate, the reference
rate
published on Bloomberg page CYCFUSD <Currency>
<Go>.
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BUSINESS
DAY:
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Means
any day other than a Saturday or Sunday, on which banking
institutions in
the cities of New York, New York and London, England
are not authorized or
obligated by law or executive order to be closed.
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COMPONENT
BUSINESS DAY:
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With
respect to any Component, any day other than a Saturday
or Sunday, on
which banking institutions in the cities of (i) New York,
New York, (ii)
London, England, and (iii) the Local Jurisdiction are
not authorized or
obligated by law or executive order to close.
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LOCAL
JURISDICTION:
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With
respect to the BRL Exchange Rate: São Paulo, Brazil; with respect to the
RUB Exchange Rate: Moscow, Russia; with respect to the
INR Exchange Rate:
Mumbai, India; and with respect to the CNY Exchange Rate:
Beijing,
China.
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STRUCTURED
PRODUCTS
GROUP
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ADDITIONAL
TERMS SPECIFIC TO THE
NOTES
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You
should read this document together with the prospectus and prospectus
supplement, each dated August 16, 2006 (the “Prospectus” and “Prospectus
Supplement,” respectively), and the more detailed information contained in
the
Pricing Supplement, dated March 4
,
2008 (subject to completion) (the “Pricing Supplement”). You should carefully
consider, among other things, the matters set forth in “Risk Factors” in the
Prospectus Supplement and the Pricing Supplement, as the Notes
involve risks not
associated with conventional debt securities. We urge you to
consult your
investment, legal, tax, accounting and other advisers before
you invest in the
Notes. You may access the Pricing Supplement, the Prospectus
Supplement and the
Prospectus on the SEC web site as follows:
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Pricing
Supplement dated March 4
,
2008 (subject to completion):
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Prospectus
Supplement dated August 16, 2006:
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Prospectus
dated August 16, 2006:
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ILLUSTRATIVE
CASH SETTLEMENT VALUE
TABLES
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The
following illustrative examples demonstrating the hypothetical
Cash Settlement
Value of a Note are based on the assumptions outlined below. The
examples do not
purport to be representative of every possible scenario concerning
increases or
decreases in the Components or the Basket Performance. You should
not construe
these examples as an indication or assurance of the expected performance
of the
Notes. Actual returns may be different. Numbers are rounded for
the ease of use.
These illustrative examples demonstrating the hypothetical Cash
Settlement Value
of a Note are based on the following assumptions:
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Investor
purchases $1,000 aggregate principal amount of Notes
at the initial public
offering price of $1,000.
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Investor
holds the Notes to maturity.
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The
Initial Fixing Level is 0.6000 with respect to the BRL
Exchange Rate;
0.0425 with respect to the RUB Exchange Rate; 0.0255
with respect to the
INR Exchange Rate; and 0.1400 with respect to the CNY
Exchange
Rate.
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The
Participation Rate is 175.00%.
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All
returns are based on a 24-month term, pre-tax
basis.
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No
Market Disruption Events or Events of Default occur during
the term of the
Notes.
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Hypothetical
Example 1: In this case, the Basket Performance is positive over
the term of the
Notes.
Step
1: Calculate the Basket Performance.
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Component
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Hypothetical
Final
Fixing
Level
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Component
Performance
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Weight
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BRL
Exchange Rate
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0.8000
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33.33%
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25.00%
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RUB
Exchange Rate
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0.0550
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29.41%
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25.00%
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INR
Exchange Rate
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0.0295
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15.69%
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25.00%
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CNY
Exchange Rate
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0.1500
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7.14%
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25.00%
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STRUCTURED
PRODUCTS
GROUP
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Basket
Performance = Quotient of (i) the sum of the four Component Performances
divided
by (ii) four
=
(33.33% + 29.41% + 15.69% + 7.14%) ÷ 4
=
21.39%
Step
2: Calculate the Cash Settlement Value.
Because
the Basket Performance is greater than 0% as of the Final Fixing
Date, the Cash
Settlement Value is equal to $1,000 plus the product of: (a)
$1,000
multiplied
by
(b) the
Participation Rate of 175.00%
multiplied
by
(c) the
Basket Performance of 21.39%. Therefore, the Cash Settlement
Value is $1,374.39
per Note, representing a 37.44% return on investment over the
term of the
Notes.
Hypothetical
Example 2: In this case, the Basket Performance is mixed over
the term of the
Notes.
Step
1: Calculate the Basket Performance.
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Component
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Hypothetical
Final
Fixing
Level
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Component
Performance
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Weight
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BRL
Exchange Rate
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0.8000
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33.33%
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25.00%
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RUB
Exchange Rate
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0.0350
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-17.65%
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25.00%
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INR
Exchange Rate
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0.0295
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15.69%
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25.00%
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CNY
Exchange Rate
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0.1300
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-7.14%
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25.00%
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Basket
Performance = Quotient of (i) the sum of the four Component Performances
divided
by (ii) four
=
(33.33% + -17.65% + 15.69% + -7.14%) ÷ 4
=
6.06%
Step
2: Calculate the Cash Settlement Value.
Because
the Basket Performance is greater than 0% as of the Final Fixing
Date, the Cash
Settlement Value is equal to $1,000 plus the product of: (a)
$1,000 multiplied
by (b) the Participation Rate of 175.00% multiplied by (c) the
Basket
Performance of 6.06%. Therefore, the Cash Settlement Value is
$1,106.00 per Note
representing a 10.60% return on investment over the term of the
Notes.
Hypothetical
Example 3: In this case, the Basket Performance is negative over
the term of the
Notes.
Step
1: Calculate the Basket Performance.
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Component
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Hypothetical
Final
Fixing
Level
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Component
Performance
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Weight
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BRL
Exchange Rate
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0.4000
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-33.33%
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25.00%
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RUB
Exchange Rate
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0.0350
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-17.65%
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25.00%
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INR
Exchange Rate
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0.0200
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-21.57%
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25.00%
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CNY
Exchange Rate
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0.1300
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-7.14%
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25.00%
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STRUCTURED
PRODUCTS
GROUP
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Basket
Performance = Quotient of (i) the sum of the four Component
Performances divided
by (ii) four
=
(-33.33% + -17.65% + -21.57% + -7.14%) ÷ 4
=
-19.92%
Step
2: Calculate the Cash Settlement Value.
The
Basket Performance is less than 0% as of the Final Fixing Date.
Therefore, the
Cash Settlement Value is $1,000 per Note, representing the
principal amount of
the notes, and a 0.00% return on investment over the term of
the
Notes.
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STRUCTURED
PRODUCTS
GROUP
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HISTORICAL
DATA ON THE COMPONENTS
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The
tables below were constructed using historical data
regarding the Components.
The historical data is for illustrative purposes and
is not indicative of the
future performance of the Components or the future
value of the Notes. While the
value of the Components will determine the performance
of the Basket, it is
impossible to predict whether the performance of the
Basket will rise or fall
during the term of the Notes. Trading prices of the
Components will be
influenced by both the complex and interrelated political,
economic, financial
and other factors that can affect the currency markets
generally and the markets
for the Components in particular. Any historical upward
or downward trend in the
value of the Components during any period set forth
below is not an indication
that the Components are more or less likely to increase
or decrease at any time
during the term of the Notes. All information in the
tables that follow was
obtained from the Bloomberg Financial Service, without
independent
verification.
The
tables below set forth the historical month-end exchange
rates for each
Component (each expressed as the number of units of
the respective Reference
Currency which can be exchanged for one U.S. Dollar)
for the period beginning
January 1998 and ending January 2008.
BRL
Exchange Rate
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1998
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1999
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2000
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2001
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2002
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2003
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2004
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2005
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2006
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2007
|
2008
|
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January
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0.8902
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0.4878
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0.5605
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0.5071
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0.4144
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0.2859
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0.3408
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0.3833
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0.4521
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0.4708
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0.5686
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February
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0.8850
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0.4914
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0.5661
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0.4888
|
0.4231
|
0.2802
|
0.3441
|
0.3865
|
0.4709
|
0.4723
|
|
|
March
|
0.8795
|
0.5822
|
0.5760
|
0.4646
|
0.4301
|
0.2983
|
0.3454
|
0.3733
|
0.4621
|
0.4857
|
|
|
April
|
0.8739
|
0.6006
|
0.5534
|
0.4545
|
0.4235
|
0.3436
|
0.3409
|
0.3956
|
0.4792
|
0.4914
|
|
|
May
|
0.8695
|
0.5811
|
0.5482
|
0.4198
|
0.3979
|
0.3370
|
0.3136
|
0.4154
|
0.4335
|
0.5208
|
|
|
June
|
0.8647
|
0.5706
|
0.5537
|
0.4328
|
0.3549
|
0.3516
|
0.3241
|
0.4287
|
0.4619
|
0.5184
|
|
|
July
|
0.8598
|
0.5552
|
0.5613
|
0.4054
|
0.2890
|
0.3372
|
0.3293
|
0.4204
|
0.4592
|
0.5313
|
|
|
August
|
0.8500
|
0.5211
|
0.5484
|
0.3901
|
0.3327
|
0.3360
|
0.3416
|
0.4243
|
0.4664
|
0.5097
|
|
|
September
|
0.8435
|
0.5161
|
0.5423
|
0.3745
|
0.2674
|
0.3448
|
0.3496
|
0.4489
|
0.4610
|
0.5456
|
|
|
October
|
0.8384
|
0.5131
|
0.5260
|
0.3709
|
0.2755
|
0.3487
|
0.3500
|
0.4441
|
0.4668
|
0.5762
|
|
|
November
|
0.8328
|
0.5200
|
0.5051
|
0.4002
|
0.2737
|
0.3394
|
0.3676
|
0.4538
|
0.4619
|
0.5567
|
|
|
December
|
0.8276
|
0.5559
|
0.5128
|
0.4328
|
0.2825
|
0.3458
|
0.3765
|
0.4282
|
0.4683
|
0.5621
|
|
RUB
Exchange Rate
|
|
1998
|
1999
|
2000
|
2001
|
2002
|
2003
|
2004
|
2005
|
2006
|
2007
|
2008
|
|
January
|
0.1661
|
0.0436
|
0.0349
|
0.0352
|
0.0326
|
0.0314
|
0.0351
|
0.0357
|
0.0356
|
0.0378
|
0.0409
|
|
February
|
0.1647
|
0.0433
|
0.0348
|
0.0349
|
0.0323
|
0.0317
|
0.0351
|
0.0361
|
0.0357
|
0.0383
|
|
|
March
|
0.1638
|
0.0402
|
0.0349
|
0.0348
|
0.0320
|
0.0319
|
0.0351
|
0.0359
|
0.0361
|
0.0385
|
|
|
April
|
0.1631
|
0.0407
|
0.0352
|
0.0346
|
0.0321
|
0.0321
|
0.0345
|
0.0360
|
0.0368
|
0.0389
|
|
|
May
|
0.1623
|
0.0404
|
0.0354
|
0.0343
|
0.0319
|
0.0325
|
0.0345
|
0.0354
|
0.0370
|
0.0386
|
|
|
June
|
0.1613
|
0.0412
|
0.0356
|
0.0343
|
0.0318
|
0.0329
|
0.0344
|
0.0349
|
0.0373
|
0.0388
|
|
|
July
|
0.1603
|
0.0412
|
0.0359
|
0.0341
|
0.0318
|
0.0330
|
0.0344
|
0.0349
|
0.0373
|
0.0391
|
|
|
August
|
0.0995
|
0.0399
|
0.0360
|
0.0340
|
0.0316
|
0.0328
|
0.0342
|
0.0351
|
0.0374
|
0.0390
|
|
|
September
|
0.0629
|
0.0396
|
0.0360
|
0.0339
|
0.0316
|
0.0327
|
0.0342
|
0.0351
|
0.0373
|
0.0402
|
|
|
October
|
0.0601
|
0.0383
|
0.0359
|
0.0336
|
0.0315
|
0.0334
|
0.0348
|
0.0350
|
0.0374
|
0.0406
|
|
|
November
|
0.0549
|
0.0375
|
0.0358
|
0.0334
|
0.0314
|
0.0336
|
0.0355
|
0.0347
|
0.0381
|
0.0408
|
|
|
December
|
0.0485
|
0.0363
|
0.0355
|
0.0328
|
0.0313
|
0.0342
|
0.0361
|
0.0348
|
0.0380
|
0.0406
|
|
|
|
STRUCTURED
PRODUCTS
GROUP
|
INR
Exchange Rate
|
|
1998
|
1999
|
2000
|
2001
|
2002
|
2003
|
2004
|
2005
|
2006
|
2007
|
2008
|
|
January
|
0.0258
|
0.0235
|
0.0229
|
0.0216
|
0.0206
|
0.0209
|
0.0221
|
0.0229
|
0.0227
|
0.0226
|
0.0254
|
|
February
|
0.0254
|
0.0235
|
0.0229
|
0.0215
|
0.0205
|
0.0210
|
0.0221
|
0.0229
|
0.0225
|
0.0226
|
|
|
March
|
0.0253
|
0.0236
|
0.0229
|
0.0215
|
0.0205
|
0.0211
|
0.0229
|
0.0229
|
0.0224
|
0.0230
|
|
|
April
|
0.0252
|
0.0234
|
0.0229
|
0.0214
|
0.0204
|
0.0211
|
0.0225
|
0.0230
|
0.0223
|
0.0243
|
|
|
May
|
0.0240
|
0.0233
|
0.0224
|
0.0213
|
0.0204
|
0.0212
|
0.0220
|
0.0229
|
0.0216
|
0.0246
|
|
|
June
|
0.0236
|
0.0231
|
0.0224
|
0.0213
|
0.0205
|
0.0215
|
0.0217
|
0.0230
|
0.0217
|
0.0246
|
|
|
July
|
0.0235
|
0.0231
|
0.0222
|
0.0212
|
0.0205
|
0.0217
|
0.0215
|
0.0230
|
0.0215
|
0.0247
|
|
|
August
|
0.0235
|
0.0230
|
0.0218
|
0.0212
|
0.0206
|
0.0218
|
0.0216
|
0.0227
|
0.0215
|
0.0244
|
|
|
September
|
0.0236
|
0.0229
|
0.0217
|
0.0209
|
0.0207
|
0.0219
|
0.0218
|
0.0227
|
0.0218
|
0.0251
|
|
|
October
|
0.0236
|
0.0231
|
0.0214
|
0.0208
|
0.0207
|
0.0221
|
0.0220
|
0.0221
|
0.0222
|
0.0254
|
|
|
November
|
0.0235
|
0.0230
|
0.0213
|
0.0209
|
0.0207
|
0.0218
|
0.0224
|
0.0218
|
0.0224
|
0.0252
|
|
|
December
|
0.0235
|
0.0230
|
0.0214
|
0.0207
|
0.0208
|
0.0219
|
0.0230
|
0.0222
|
0.0226
|
0.0254
|
|
CNY
Exchange Rate
|
|
1998
|
1999
|
2000
|
2001
|
2002
|
2003
|
2004
|
2005
|
2006
|
2007
|
2008
|
|
January
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1241
|
0.1286
|
0.1392
|
|
February
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1244
|
0.1292
|
|
|
March
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1247
|
0.1294
|
|
|
April
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1248
|
0.1297
|
|
|
May
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1247
|
0.1307
|
|
|
June
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1251
|
0.1314
|
|
|
July
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1234
|
0.1255
|
0.1320
|
|
|
August
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1235
|
0.1257
|
0.1325
|
|
|
September
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1236
|
0.1265
|
0.1332
|
|
|
October
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1237
|
0.1269
|
0.1340
|
|
|
November
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1238
|
0.1277
|
0.1351
|
|
|
December
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1208
|
0.1239
|
0.1281
|
0.1370
|
|
|
|
STRUCTURED
PRODUCTS
GROUP
|
|
SELECTED
RISK CONSIDERATIONS
|
|
|
|
|
·
|
Suitability
of Notes for investment
—
A
person should reach a decision to invest in
the Notes after carefully
considering, with his or her advisors, the
suitability of the Notes in
light of his or her investment objectives and
the information set out in
the Pricing Supplement. Neither the Issuer
nor any dealer participating in
the offering makes any recommendation as to
the suitability of the Notes
for investment.
|
|
·
|
Volatility
of the Components
—
The
Components are volatile and are affected by
numerous factors specific to
each country represented by a Reference Currency.
The value of each
Reference Currency relative to the U.S. Dollar,
which is primarily
affected by the supply and demand for the respective
Reference Currency
and the U.S. Dollar, may be affected by political,
economic, financial,
legal, accounting and tax matters specific
to the country in which the
Reference Currency is the official currency.
|
|
·
|
No
interest or other payments
—
During
the term of the Notes, you will not receive
any periodic interest or other
distributions and such payments will not be
included in the calculation of
the Cash Settlement Value payable at maturity.
|
|
·
|
Secondary
market
—
Because
the Notes will not be listed on any securities
exchange or quotation
system, a secondary trading market is not expected
to develop, and, if
such a market were to develop, it may not be
liquid. Bear, Stearns &
Co. Inc. intends under ordinary market conditions
to indicate prices for
the Notes on request. However, there can be
no guarantee that bids for
outstanding Notes will be made in the future;
nor can the prices of those
bids be predicted.
|
|
·
|
Components
may not move in tandem
—
At
a time when the value of one or more of the
Reference Currencies
increases, the value of one or more of the
other Reference Currencies may
decline. Therefore, in calculating the Basket
Performance with respect to
an Observation Date, increases in the value
of one or more of the
Reference Currencies against the U.S. Dollar
may be moderated, or wholly
offset, by lesser increases or declines in
the value of one or more of the
other Reference Currencies against the U.S.
Dollar.
|
|
·
|
Not
subject to the special rules for nonfunctional
currency contingent payment
debt instruments
—
We
intend to treat the Notes as contingent payment
debt instruments that are
subject to taxation as described under the
heading “Certain U.S. Federal
Income Tax Considerations-U.S. Federal Income
Tax Treatment of the Notes
as Indebtedness for U.S. Federal Income Tax
Purposes-Contingent Payment
Debt Instruments” in the accompanying prospectus
supplement.
|
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