Published on 1/30/2008 in the Prospect News Structured Products Daily.
New Issue: Wachovia prices $1.84 million 9% securities linked to Baker Hughes for Eksportfinans
By Jennifer Chiou
New York, Jan. 30 - Wachovia Capital Markets, LLC priced $1.84 million of 9% annualized enhanced yield securities due July 30, 2008 linked to the common stock of Baker Hughes, Inc. for issuer Eksportfinans ASA, according to a 424B3 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity, in addition to interest, will be par unless Baker Hughes stock falls by 25% or more during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Baker Hughes 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: | Baker Hughes, Inc. (Symbol: BHI)
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Amount: | $1,843,000
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Maturity: | July 30, 2008
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | If Baker Hughes shares fall to or below the knock-in price during the life of the notes and finish below the initial share price, 13.5465 Baker Hughes shares; otherwise, par
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Initial share price: | $73.82
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Knock-in price: | $55.365, 75% of initial share price
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Pricing date: | Jan. 28
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Settlement date: | Jan. 31
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Agent: | Wachovia Capital Markets, LLC
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Fees: | 1%
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