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Natixis to sell 36% reverse convertibles linked to worst performing of Lat Am large caps, Apple for Eksportfinans
By E. Janene Geiss
Philadelphia, Nov. 5 - Natixis Securities North America Inc. plans to sell reverse convertible notes due March 3, 2008 linked to the worst performing stock out of four reference stocks for issuer Eksportfinans ASA, according to an FWP filing with the Securities and Exchange Commission.
The stocks include Latin American large cap stocks Companhia Vale do Rio Doce, Gerdau SA and Petroleo Brasileiro SA (Petrobras), along with Apple Inc.
The three-month notes will pay 9% for an annualized rate of 36%. Interest will be payable monthly.
At maturity, investors will receive par if component stock closes below its knock-in price, 80% of the initial price, during the life of the notes or if the each stock finishes at or above its initial price.
Otherwise, the payout will be a number of the worst performing shares equal to par divided by the initial price of that stock.
The notes are expected to price Nov. 27 and settle Nov. 30.
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