Published on 12/31/2008 in the Prospect News Structured Products Daily.
New Issue: Natixis prices $1.43 million 26% reverse convertibles on Dogs of the Dow for Eksportfinans
By Jennifer Chiou
New York, Dec. 28 - Eksportfinans ASA priced $1.43 million of 26% reverse convertible notes due Dec. 29, 2008 linked to the "Dogs of the Dow for December" stock basket via Natixis Securities North America Inc., according to a 424B3 filing with the Securities and Exchange Commission.
The underlying stocks are Altria Group, Inc., AT&T Inc., Citigroup Inc., E.I. du Pont de Nemours and Co., General Electric Co., General Motors Corp., Home Depot, Inc., JPMorgan Chase & Co., Pfizer Inc. and Verizon Communications Inc.
Interest is payable monthly.
At maturity, investors will receive par if none of the component stocks closes below its knock-in price - 60% 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: | Altria Group, Inc. (NYSE: MO), AT&T Inc. (NYSE: T), Citigroup Inc. (NYSE: C), E.I. du Pont de Nemours and Co. (NYSE: DD), General Electric Co. (NYSE: GE), General Motors Corp. (NYSE: GM), Home Depot, Inc. (NYSE: HD), JPMorgan Chase & Co. (NYSE: JPM), Pfizer Inc. (NYSE: PFE) and Verizon Communications Inc. (NYSE: VZ)
|
| Amount: | $1,433,000
|
| Maturity: | Dec. 29, 2008
|
| Coupon: | 26%, 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: | $77.43 for Altria, $41.48 for AT&T, $30.24 for Citigroup, $45.35 for DuPont, $37.14 for GE, $26.64 for GM, $26.66 for Home Depot, $44.11 for JPMorgan, $23.24 for Pfizer and $44.32 for Verizon
|
| Knock-in prices: | 60% of the initial share prices: $44.458 for Altria, $24.888 for AT&T, $18.144 for Citigroup, $27.21 for DuPont, $22.284 for GE, $15.984 for GM, $15.996 for Home Depot, $26.466 for JPMorgan, $13.944 for Pfizer and $26.592 for Verizon
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| Pricing date: | Dec. 21
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| Settlement date: | Dec. 27
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| Underwriter: | Natixis Securities North America Inc.
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| Fees: | 3%
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