Published on 8/4/2009 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $1.72 million 11% enhanced yield notes linked to Apple for Eksportfinans
By Susanna Moon
Chicago, Aug. 4 - Eksportfinans ASA priced $1.72 million of 11% annualized enhanced yield securities due Feb. 5, 2010 linked to the common stock of Apple Inc., according to an FWP 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 Apple 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 Apple 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: | Apple Inc. (Nasdaq: AAPL)
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Amount: | $1,716,000
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Maturity: | Feb. 5, 2010
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Coupon: | 11%, payable monthly
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Price: | Par
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Payout at maturity: | If the stock falls to or below the knock-in price during the life of the notes and finishes below the initial price, 6.1203 Apple shares; otherwise, par
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Initial share price: | $163.39
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Knock-in price: | $130.712, or 80% of initial price
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Pricing date: | July 31
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Settlement date: | Aug. 5
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Agent: | Wells Fargo Securities, LLC
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Fees: | 1.25%
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