Published on 11/30/2009 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $3.86 million 12% enhanced yield notes linked to Alcoa for Eksportfinans
New York, Nov. 30 - Eksportfinans ASA priced $3.86 million of 12% annualized enhanced yield securities with contingent downside protection due June 1, 2010 linked to the common stock of Alcoa Inc., according to a 424B3 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 Alcoa stock falls by 30% or more during the life of the notes and finishes below the initial share price, in which case investors will receive a number of Alcoa shares equal to $1,000 divided by the initial share price.
Issuer: | Eksportfinans ASA
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Issue: | Enhanced yield securities with contingent downside protection
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Underlying stock: | Alcoa Inc. (NYSE: AA)
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Amount: | $3,859,000
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Maturity: | June 1, 2010
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Coupon: | 12%, 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 of $9.10 during the life of the notes and finishes below the initial price, 76.9231 Alcoa shares; otherwise, par
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Initial share price: | $13.00
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Knock-in price: | $9.10, 70% of initial price
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Pricing date: | Nov. 25
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Settlement date: | Dec. 1
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Agent: | Wells Fargo Securities, LLC
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Fees: | 1.25%
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