Published on 8/27/2010 in the Prospect News Structured Products Daily.
New Issue: Eksportfinans prices $17.25 million Stars linked to S&P 500 via Merrill
By Jennifer Chiou
New York, Aug. 27 - Eksportfinans ASA priced $17.25 million of 0% Strategic Accelerated Redemption Securities due Feb. 25, 2011 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annualized premium of 22.4% if the index closes at or above its initial level on the observation date, which will fall on Feb. 18, 2011.
If the notes are not called, investors will be exposed to any index decline.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.
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: | $17,254,550
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Maturity: | Feb. 25, 2011
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Coupon: | 0%
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Price: | Par of $10
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Call: | At 22.4% premium if index closes at or above initial level on the observation date
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Payout at maturity: | Exposure to any losses
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Initial index level: | 1,055.33
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Pricing date: | Aug. 25
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Settlement date: | Sept. 2
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Underwriter: | Merrill Lynch, Pierce, Fenner & Smith Inc.
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Fees: | 1%
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Cusip: | 282649243
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