Published on 6/18/2009 in the Prospect News Structured Products Daily.
New Issue: Wachovia prices $1.27 million 10% enhanced yield securities tied to MetLife for Eksportfinans
By Jennifer Chiou
New York, June 18 - Eksportfinans ASA priced $1.27 million of 10% annualized enhanced yield securities due Dec. 18, 2009 linked to the common stock of MetLife, Inc. via Wachovia Capital Markets, LLC, according to a 424B3 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless MetLife stock falls by 35% or more during the life of the notes and finishes below the initial share price, in which case investors will receive a number of MetLife shares equal to $1,000 divided by the initial share price.
| Issuer: | Eksportfinans ASA
|
| Issue: | Enhanced yield securities
|
| Underlying stock: | MetLife, Inc. (NYSE: MET)
|
| Amount: | $1,273,000
|
| Maturity: | Dec. 18, 2009
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If MetLife stock falls to or below the knock-in price during the life of the notes and finishes below the initial price, 34.002 MetLife shares; otherwise, par
|
| Initial share price: | $29.41
|
| Knock-in price: | $19.117, 65% of initial price
|
| Pricing date: | June 16
|
| Settlement date: | June 19
|
| Agent: | Wachovia Capital Markets, LLC
|
| Fees: | 1.25%
|
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