Published on 11/30/2009 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $1.21 million 14% enhanced yield notes linked to Cemex for Eksportfinans
New York, Nov. 30 - Eksportfinans ASA priced $1.21 million of 14% annualized enhanced yield securities with contingent downside protection due June 1, 2010 linked to the American Depositary Receipts of Cemex SAV de CV, according to a 424B3 filing with the Securities and Exchange Commission.
Wells Fargo Securities, LLC is the agent.
Interest is payable monthly.
The payout at maturity will be par unless Cemex ADRs fall by 30% or more during the life of the notes and finishes below the initial share price, in which case investors will receive a number of Cemex ADRs equal to $1,000 divided by the initial share price.
Issuer: | Eksportfinans ASA
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Issue: | Enhanced yield securities with contingent downside protection
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Underlying stock: | Cemex SAB de CV ADRs (NYSE: CX)
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Amount: | $1,206,000
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Maturity: | June 1, 2010
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Coupon: | 14%, payable monthly
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Price: | Par
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Payout at maturity: | If the ADRs fall to or below the knock-in price of $7.861 during the life of the notes and finishes below the initial price, 89.0472 Cemex ADRs; otherwise, par
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Initial share price: | $11.23
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Knock-in price: | $7.861, 70% of initial price
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Pricing date: | Nov. 25
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Settlement date: | Dec. 1
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Agent: | Wells Fargo Securities, LLC
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Fees: | 1.25%
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