Published on 11/6/2007 in the Prospect News Structured Products Daily.
New Issue: Natixis prices $2.1 million 19% reverse convertibles linked to five stocks for Eksportfinans
By Susanna Moon
Chicago, Nov. 6 - Eksportfinans ASA priced $2.1 million of 19% reverse convertible notes due May 7, 2008 linked to the "Dow Flying Five" stock basket via Natixis Securities North America Inc., according to a 424B3 filing with the Securities and Exchange Commission.
The underlying stocks are AT&T Inc., Citigroup Inc., General Electric Co., Home Depot, Inc. and Pfizer Inc.
Interest is payable monthly.
At maturity, investors will receive par if none of the component stocks closes below its knock-in price - 70% of the initial price - during the life of the notes or if each stock finishes at or above its initial price.
Otherwise, the payout will be a number of shares of the worst-performing stock equal to par divided by the initial price of that stock.
| Issuer: | Eksportfinans ASA
|
| Issue: | Reverse convertible notes
|
| Underlying stocks: | AT&T Inc., Citigroup Inc., General Electric Co., Home Depot, Inc. and Pfizer Inc.
|
| Amount: | $2,094,000
|
| Maturity: | May 7, 2008
|
| Coupon: | 19%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless a component stock closes below its knock-in price during the life of the notes and the worst-performing stock finishes below its initial price, in which case the payout will be a number of the worst-performing shares equal to par divided by the initial share price
|
| Initial share prices: | $40.42 for AT&T, $37.73 for Citigroup, $40.33 for General Electric, $30.40 for Home Depot and $23.67 for Pfizer
|
| Knock-in prices: | 70% of the initial share prices: $28.294 for AT&T, $26.411 for Citigroup, $28.231 for General Electric, $21.280 for Home Depot and $16.569 for Pfizer
|
| Pricing date: | Nov. 2
|
| Settlement date: | Nov. 7
|
| Underwriter: | Natixis Securities North America Inc.
|
| Fees: | 2.5%
|
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