Nuveen, Merrill upsizes Rogers agricultural Elements via Svensk to $122.5 million

By LLuvia Mares

New York, Jan. 23 - The Elements exchange-traded notes priced for AB Svensk Exportkredit continue to grow, with two more upsizings announced Wedneday.

Agents Nuveen Investments and Merrill Lynch increased the Elements linked to the Rogers International Commodity Index - Agriculture Total Return to $122.5 million.

The banks priced an additional $5 million of 0% Elements due Oct. 24, 2022.

The company priced the upsized securities at 113.576.

The company has registered and may issue up to $250 million of the notes.

The index represents the value of a basket of 20 agricultural commodity futures contracts and is a sub-index of the Rogers International Commodity Index - Total Return, which is a composite, dollar-based, total return index representing the value of a basket of commodities consumed in the global economy.

The payout at maturity will be par plus the index return, less an annual investor fee of 0.75% times the proportion of days elapsed.

Beginning Jan. 28, 2008, holders may put back the notes on a weekly repurchase date. There is a minimum put requirement of $5 million of notes.

The notes were approved for listing on the American Stock Exchange under the symbol "RJA."

Rogers Elements raised to $41.5 million

Another Elements issue, this time the 0% Elements due Oct. 24, 2022 linked to the Rogers International Commodity Index - Total Return was increased by $5 million of additional securities.

The notes are also issued by Svensk Exportkredit and brought to market by agents Nuveen Investments and Merrill Lynch & Co.

This latest tranche, which priced at 105.962, brings the total issue size to $41.5 million.

The offering can be increased up to the maximum $250 million that has been registered.

The index is a composite, dollar-based, total return index representing the value of a basket of commodities consumed in the global economy.

At maturity, investors will receive par plus the index return, less an annual investor fee of 0.75% times the proportion of days elapsed.

Beginning Jan. 22, 2008, holders may put back the notes for repurchase on a weekly repurchase date. There is a minimum put requirement of $5 million of securities.

The notes were approved for listing on the American Stock Exchange under the symbol "RJI."

Barclays cuts participation rate for notes

Elsewhere in the market, Barclays Bank plc decreased the participation rate for its planned issue of zero-coupon 100% principal-protected notes due July 30, 2012 linked to a basket of commodities, according to a term sheet.

The basket includes equal weights of coal, heating oil and light sweet crude oil.

The payout at maturity will be par plus 100%, down from 150%, of any increase in the basket. Investors will receive at least par.

The notes will price on Jan. 25 and settle on Jan. 31.

Barclays Capital Inc. will be the agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.