Published on 8/27/2009 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $7.76 million access securities on fund basket for Eksportfinans
By E. Janene Geiss
Philadelphia, Aug. 27 - Eksportfinans ASA priced $7.76 million of 0% access securities with capped upside and buffered downside due March 1, 2011 linked to a basket of exchange-traded funds via Wells Fargo Securities, LLC, according to a 424B3 filing with the Securities and Exchange Commission.
The basket consists of the equal weights of the SPDR Trust Series 1, iShares MSCI EAFE index fund, iShares Russell 2000 index fund and the iShares S&P MidCap 400 index fund.
If the final basket return is positive, the payout at maturity will be par plus the gain, subject to a maximum return of $160 per $1,000 note.
If the final index return is negative, the payout at maturity will be par for losses up to 15% and investors will share in losses at a rate of 1.17647% for every 1% loss beyond 15%.
Issuer: | Eksportfinans ASA
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Issue: | Access securities with capped upside and buffered downside
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Underlying basket: | Equal weights of the SPDR Trust Series 1, iShares MSCI EAFE index fund, iShares Russell 2000 index fund and the iShares S&P MidCap 400 index fund
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Amount: | $7,759,000
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Maturity: | March 1, 2011
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus any basket gain, up to maximum return of $160.00 per note; par for losses up to 15% and investors will share in losses at a rate of 1.17647% for every 1% loss beyond 15%
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Buffer level: | 85% of initial level
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Pricing date: | Aug. 26
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Settlement date: | Aug. 31
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Underwriter: | Wells Fargo Securities, LLC
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Fees: | 2%
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