Published on 12/23/2009 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $14.47 million 13% notes linked to Bank of America for Eksportfinans
By Angela McDaniels
Tacoma, Wash., Dec. 23 - Eksportfinans ASA priced $14.47 million of enhanced yield securities due April 1, 2010 linked to the common stock of Bank of America Corp. via underwriter Wells Fargo Securities, LLC, according to a 424B3 filing with the Securities and Exchange Commission.
The three-month notes carry an annualized coupon of 13%. Interest is payable monthly.
The payout at maturity will be par unless Bank of America stock falls by 25% or more during the life of the notes and finishes below the initial share price, in which case investors will receive a number of Bank of America shares equal to $1,000 divided by the initial share price.
Issuer: | Eksportfinans ASA
|
Issue: | Enhanced yield securities
|
Underlying stock: | Bank of America Corp. (NYSE: BAC)
|
Amount: | $14,472,000
|
Maturity: | April 1, 2010
|
Coupon: | 13%, payable monthly
|
Price: | Par
|
Payout at maturity: | If Bank of America stock falls to or below the knock-in price during the life of the notes and the final share price is less than the initial share price, 65.2316 Bank of America shares; otherwise, par
|
Initial share price: | $15.33
|
Knock-in price: | $11.498, 75% of initial share price
|
Pricing date: | Dec. 22
|
Settlement date: | Dec. 28
|
Underwriter: | Wells Fargo Securities, LLC
|
Fees: | 0.9%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.