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Urban sold 30 billion yen worth of bonds to BNP Paribas but the French bank was repaid that 30 billion yen as a deposit. BNP Paribas was then only required to give that money back to Urban gradually based on the level of its share price.

The lower the stock price the less money Urban would be paid.

Urban's stock slid 70 percent between July 11, when the swap was put into action, and Aug. 13, when it filed for court protection from creditors. During that time Urban did not reveal the swap portion of the deal.

The JSDA established stricter rules in 2007 to restrict the issuance of moving-strike convertible bonds (CB), a high-risk financial tool whose conversion prices change depending on the share prices of the bond issuer.

(Reporting by Junko Fujita) ($1102.11 Yen) Keywords: JSDA/BNP PARIBAS Keywords: JSDA/BNP PARIBAS

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