Published on 2/1/2010 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $2.93 million 13% enhanced yield notes on Tesoro for Eksportfinans
By Susanna Moon
Chicago, Feb. 1 - Eksportfinans ASA priced $2.93 million of 13% annualized enhanced yield securities due Aug. 5, 2010 linked to the common stock of Tesoro Corp., according to an FWP filing with the Securities and Exchange Commission.
Wells Fargo Securities, LLC is the agent.
Interest is payable monthly.
The payout at maturity will be par unless Tesoro stock falls by 25% or more during the life of the notes and finishes below the initial share price, in which case investors will receive a number of Tesoro 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: | Tesoro Corp. (NYSE: TSO)
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Amount: | $2,929,000
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Maturity: | Aug. 5, 2010
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Coupon: | 13%, payable monthly
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Price: | Par
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Payout at maturity: | If the stock falls to or below the knock-in price during the life of the notes and finishes below the initial price, 78.8022 Tesoro shares; otherwise, par
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Initial share price: | $12.69
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Knock-in price: | $9.518, or 75% of initial price
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Pricing date: | Jan. 28
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Settlement date: | Feb. 2
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Agent: | Wells Fargo Securities, LLC
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Fees: | 1.25%
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Cusip: | 282645UB4
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