Published on 2/3/2009 in the Prospect News Structured Products Daily.
New Issue: Wachovia sells $7.1 million 20% enhanced yield securities linked to GE for Eksportfinans
By Susanna Moon
Chicago, Feb. 3 - Eksportfinans ASA priced $7.1 million of 20% annualized enhanced yield securities due Aug. 5, 2009 linked to the common stock of General Electric Co. via Wachovia Capital Markets, LLC, according to a 424B3 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Payout at maturity will be par unless General Electric stock falls by 40% or more during the life of the notes and finishes below the initial share price, in which case investors will receive a number of General Electric 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: | General Electric Co. (NYSE: GE)
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Amount: | $7,101,000
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Maturity: | Aug. 5, 2009
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Coupon: | 20%, payable monthly
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Price: | Par
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Payout at maturity: | If General Electric stock falls to or below the knock-in price during the life of the notes, 82.4402 General Electric shares; otherwise, par
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Initial share price: | $12.13
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Knock-in price: | $7.278, 60% of initial price
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Pricing date: | Jan. 30
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Settlement date: | Feb. 4
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Agent: | Wachovia Capital Markets, LLC
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Fees: | 1.25%
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