HP executes huge structured buyback with BNP Paribas

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California-based computing giant Hewlett-Packard (HP) has entered into a ground-breaking $1.7 billion structured equity transaction with BNP Paribas to hedge the stock price dilution associated with its stock-based employee compensation programmes.

"We were trying to do something unique with the trade, which was executed around the start of the year," says Ken Frier, HP's assistant treasurer. "We decided on a collar-type transaction because the pricing was favourable, as put options tend to

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