Published on 7/22/2009 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $2.94 million 9% enhanced yield securities tied to Nike for Eksportfinans
By Jennifer Chiou
New York, July 22- Eksportfinans ASA priced $2.94 million of 9% annualized enhanced yield securities due Oct. 23, 2009 linked to the common stock of Nike, Inc. via Wells Fargo Securities, LLC, according to a 424B3 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Nike stock falls by 20% or more during the life of the notes and finishes below the initial share price, in which case investors will receive a number of Nike 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: | Nike, Inc. (NYSE: NKE)
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Amount: | $2,941,000
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Maturity: | Oct. 23, 2009
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | If Nike stock falls to or below the knock-in price during the life of the notes and finishes below the initial price, 18.9286 Nike shares; otherwise, par
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Initial share price: | $52.83
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Knock-in price: | $42.264, 80% of initial price
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Pricing date: | July 20
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Settlement date: | July 23
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Underwriter: | Wells Fargo Securities, LLC
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Fees: | 0.9%
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