Published on 7/15/2008 in the Prospect News Structured Products Daily.
New Issue: Morgan Stanley prices $1.59 million 12% notes linked to Google for Eksportfinans
By Susanna Moon
Chicago, July 15 - Eksportfinans ASA priced $1.59 million of 12% reverse convertible notes due Jan. 16, 2009 linked to Google, Inc. common stock via agent Morgan Stanley & Co. Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Payout at maturity will be par unless the stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Google shares equal to $1,000 divided by the initial share price or, at the issuer's option, the equivalent cash value.
Issuer: | Eksportfinans ASA
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Issue: | Reverse convertible notes
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Underlying stock: | Google, Inc. (Nasdaq: GOOG)
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Amount: | $1,593,000
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Maturity: | Jan. 16, 2009
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Coupon: | 12%, payable monthly
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Price: | Par
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Payout at maturity: | If the stock falls below the trigger price during the life of the notes and finishes below the initial share price, 1.87336 shares or the equivalent cash value; otherwise, par
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Initial share price: | $533.80
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Trigger price: | $427.04, 80% of initial share price
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Pricing date: | July 11
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Settlement date: | July 16
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Agent: | Morgan Stanley & Co. Inc.
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Fees: | 1.5%
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