Published on 10/2/2008 in the Prospect News Structured Products Daily.
New Issue: Wachovia prices $1.55 million 20% enhanced notes on Occidental Petroleum for Eksportfinans
By Jennifer Chiou
New York, Oct. 2 - Eksportfinans ASA priced $1.55 million of 20% annualized enhanced yield securities due March 18, 2009 linked to the common stock of Occidental Petroleum Corp. via Wachovia Capital Markets, LLC, according to a 424B3 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Occidental Petroleum stock falls by 25% or more during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Occidental Petroleum 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: | Occidental Petroleum Corp. (NYSE: OXY)
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Amount: | $1,549,000
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Maturity: | March 18, 2009
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Coupon: | 20%, payable monthly
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Price: | Par
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Payout at maturity: | If Occidental Petroleum stock falls to or below the knock-in price during the life of the notes and the final share price is less than the initial share price, 14.1945 Occidental Petroleum shares; otherwise, par
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Initial share price: $70.45
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Knock-in price: | $52.838, 75% of initial price
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Pricing date: | Sept. 30
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Settlement date: | Oct. 3
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Underwriter: | Wachovia Capital Markets, LLC
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Fees: | 1.25%
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