Published on 8/19/2009 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $5.47 million 17% enhanced yield securities on Alcoa for Eksportfinans
By Jennifer Chiou
New York, Aug. 19 - Eksportfinans ASA priced $5.47 million of 17% annualized enhanced yield securities due Feb. 25, 2010 linked to the common stock of Alcoa 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 Alcoa stock falls 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 Alcoa 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: | Alcoa Inc. (NYSE: AA)
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Amount: | $5,467,000
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Maturity: | Feb. 25, 2010
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Coupon: | 17%, payable monthly
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Price: | Par
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Payout at maturity: | If Alcoa stock falls to or below the knock-in price during the life of the notes and finishes below the initial price, 80.5802 Alcoa shares; otherwise, par
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Initial share price: | $12.41
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Knock-in price: | $8.687, 70% of initial price
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Pricing date: | Aug. 17
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Settlement date: | Aug. 20
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Underwriter: | Wells Fargo Securities, LLC
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Fees: | 1.25%
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