Published on 4/27/2007 in the Prospect News Structured Products Daily.
New Issue: Eksportfinans prices $1.37 million 22.5% notes linked to Latin Large Caps, Apple via Natixis
By Jennifer Chiou
New York, April 27 - Eksportfinans ASA priced a $1.37 million issue of 22.5% annualized reverse convertible notes due Oct. 30, 2007 linked to a basket containing Latin American Large Caps stocks and Apple, Inc. via Natixis Securities North America Inc., according to a 424B3 filing with the Securities and Exchange Commission.
In addition to Apple, the basket includes Companhia Vale do Rio Doce, Petroleo Brasileiro SA (Petrobras) and Banco Bradesco SA.
Interest is payable monthly.
The payout at maturity will be par unless any of the stocks falls below its knock-in price, 80% of its initial share price, during the life of the notes and one or more of the stocks finishes below its initial share price, in which case the payout will be a number of the worst-performing shares equal to $1,000 divided by that stock's initial share price.
| Issuer: | Eksportfinans ASA
|
| Issue: | Reverse convertible notes
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| Underlying basket: | Companhia Vale do Rio Doce, Petroleo Brasileiro SA (Petrobras), Banco Bradesco SA, Apple, Inc.
|
| Amount: | $1.37 million
|
| Maturity: | Oct. 30, 2007
|
| Coupon: | 22.5% annualized, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock falls below its knock-in price during the life of the notes and any stock finishes below its initial share price, in which case a number of the worst-performing shares equal to $1,000 divided by the initial share price of that stock
|
| Initial share prices: | Companhia Vale do Rio Doce, $42.43; Petrobras, $105.63; Banco Bradesco, $21.81; Apple, $95.348
|
| Knock-in level: | 80% of initial price
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| Knock-in prices: | Companhia Vale Do Rio Doce, $33.944; Petrobras, $84.504; Banco Bradesco, $17.448; Apple, $76.278
|
| Pricing date: | April 25
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| Settlement date: | April 30
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| Agent: | Natixis Securities North America Inc.
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| Agent fees: | 2.5%
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