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Stock Participating Accreting Redemption Quarterly-Pay Securities
(redirected from SPARQS)

   Also found in: Acronyms 0.01 sec.
Stock Participating Accreting Redemption Quarterly-Pay Securities
A callable bond that pays coupons in cash, but, upon maturity, is redeemed for a certain number of shares in the company issuing the bond. If it is called, the issuer must pay all interest that would have been paid had the SPARQS been held until maturity; companies call these bonds after their stock has risen quickly since they do not wish to distribute them for free. SPARQS exist to provide the low risk of a bond while also exposing the investor to the stock market. Morgan Stanley underwrites SPARQS.


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8% SPARQS due April 15, 2003 Mandatorily Exchangeable for American Depositary Receipts Representing Ordinary Shares of Nokia Corporation (The amendments will also affect an acceleration event triggered by delisting of the ADRs.
 
 
 
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