Published on 11/1/2010 in the Prospect News Structured Products Daily.
New Issue: Merrill Lynch prices $7.54 million Stars tied to S&P 500 index for Eksportfinans
By Angela McDaniels
Tacoma, Wash., Nov. 1 - Eksportfinans ASA priced $7.54 million of 0% Strategic Accelerated Redemption Securities due April 25, 2011 linked to the S&P 500 index via Merrill Lynch, Pierce, Fenner & Smith Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than or equal to the initial level, the notes will be automatically called and investors will receive par of $10.00 plus $0.823.
If the final index level is less than the initial level, investors will be exposed to the decline.
Issuer: | Eksportfinans ASA
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Issue: | Strategic Accelerated Redemption Securities
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Underlying index: | S&P 500
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Amount: | $7,535,340
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Maturity: | April 25, 2011
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If final index level is greater than or equal to initial level, notes will be automatically called at 108.23% of par; otherwise, full exposure to index decline
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Initial index level: | 1,183.78
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Pricing date: | Oct. 28
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Settlement date: | Nov. 4
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Underwriter: | Merrill Lynch, Pierce, Fenner & Smith Inc.
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Fees: | 1%
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Cusip: | 282649151
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