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Wachovia plans 11%-12% enhanced yield securities linked to Occidental Petroleum for Eksportfinans
By Susanna Moon
Chicago, Aug. 29 - Eksportfinans ASA plans to price enhanced yield securities with contingent downside protection due March 18, 2009 linked to the common stock of the Occidental Petroleum Corp. via Wachovia Capital Markets, LLC, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 11% to 12%, payable monthly, with the exact rate to be set at pricing.
Payout at maturity will be par unless Occidental Petroleum stock falls to or below its knock-in level - 75% of its initial price - during the life of the notes and finishes below its initial price, in which case investors will receive a number of Occidental Petroleum shares equal to $1,000 divided by the initial price.
Pricing and settlement dates were not disclosed in the filing.
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