Published on 4/9/2008 in the Prospect News Structured Products Daily.
New Issue: Wachovia prices $2.04 million 9.75% enhanced yield notes tied to 10 stocks for Eksportfinans
By Angela McDaniels
Tacoma, Wash., April 9 - Eksportfinans ASA priced $2.04 million of enhanced yield securities due Oct. 3, 2008 linked to a basket of 10 stocks via Wachovia Capital Markets, LLC, according to a 424B5 filing with the Securities and Exchange Commission.
The six-month notes priced at par of $10 and will pay 4.875% for an annualized coupon of 9.75%. Interest is payable monthly.
The basket includes the common stocks of AK Steel Holding Corp., Apple Inc., Deere & Co., EMC Corp., General Cable Corp., JPMorgan Chase & Co., Marathon Oil Corp., Schering-Plough Corp., Target Corp. and Terex Corp.
The payout at maturity will be equal to the sum of the 10 component payouts.
For each stock that finishes at or above its protection price - 85% of its initial share price - the component payout will be $1. For each stock that finishes below its protection price, the component payout will equal $1 minus 1% for each 1% that the stock declines beyond its protection price.
| Issuer: | Eksportfinans ASA
|
| Issue: | Enhanced yield securities
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| Underlying stocks: | AK Steel Holding Corp. (NYSE: AKS), Apple Inc. (Nasdaq: APPL), Deere & Co. (NYSE: DE), EMC Corp. (NYSE: EMC), General Cable Corp. (NYSE: BGC), JPMorgan Chase & Co. (NYSE: JPM), Marathon Oil Corp. (NYSE: MRO), Schering-Plough Corp. (NYSE: SGP), Target Corp. (NYSE: TGT) and Terex Corp. (NYSE: TEX)
|
| Amount: | $2,036,500
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| Maturity: | Oct. 3, 2008
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| Coupon: | 9.75%, payable monthly
|
| Price: | Par of $10.00
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| Payout at maturity: | Par plus the sum of the 10 component payouts; for each stock that finishes below its protection price, the component payout will equal $1.00 minus 1% for each 1% decline beyond the protection price; for each stock that finishes at or above its protection price, the component payout will be $1.00
|
| Initial share prices: | $62.99 for AK Steel; $155.89 for Apple; $88.40 for Deere; $14.90 for EMC; $65.71 for General Cable; $45.54 for JPMorgan; $48.58 for Marathon Oil; $16.76 for Schering-Plough; $52.77 for Target; $67.67 for Terex
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| Protection price: | For each stock, 85% of its initial share price
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| Pricing date: | April 7
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| Settlement date: | April 10
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| Underwriter: | Wachovia Capital Markets, LLC
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| Fees: | 1.25%
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