Published on 9/2/2008 in the Prospect News Structured Products Daily.
New Issue: Wachovia sells $7.57 million 15% enhanced yield securities on JPMorgan for Eksportfinans
By Susanna Moon
Chicago, Sept. 2 - Eksportfinans ASA priced $7.57 million of 15% enhanced yield securities due March 6, 2009 linked to the common stock of JPMorgan Chase & Co. via Wachovia Capital Markets, LLC, according to a 424B5 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
Payout at maturity will be par unless JPMorgan stock falls by more than 30% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of JPMorgan shares equal to $1,000 divided by the initial share price.
Issuer: | Eksportfinans ASA
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Issue: | Enhanced yield securities
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Underlying stock: | JPMorgan Chase & Co. (NYSE: JPM)
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Amount: | $7,571,000
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Maturity: | March 6, 2009
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Coupon: | 15%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless JPMorgan stock falls by more than 30% during the life of the notes and finishes below the initial share price, in which case 25.7202 shares
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Initial share price: | $38.88
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Knock-in price: | $27.216, 70% of initial share price
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Pricing date: | Aug. 28
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Settlement date: | Sept. 3
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Agent: | Wachovia Capital Markets, LLC
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Fees: | 1.25%
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