Published on 2/1/2011 in the Prospect News Structured Products Daily.
New Issue: Wells prices $5.13 million autocallable access notes on iShares MSCI Brazil for Eksport
By Jennifer Chiou
New York, Feb. 1 - Eksportfinans ASA priced $5.13 million of 0% autocallable access securities due Feb. 5, 2013 linked to the iShares MSCI Brazil index fund via Wells Fargo Securities, LLC, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called if the exchange-traded fund's shares close at or above the initial price on Feb. 6, 2012, Aug. 6, 2012 or Jan. 29, 2013. Investors will receive par plus a premium of 9% per year.
If the notes are not called and the final share price is at least 90% of the initial share price, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the share price declines beyond 10%.
Issuer: | Eksportfinans ASA
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Issue: | Autocallable access securities
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Underlying ETF: | iShares MSCI Brazil index fund
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Amount: | $5,133,000
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Maturity: | Feb. 5, 2013
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par if fund has not declined by more than 10%; otherwise, 1% loss for every 1% that fund declines beyond 10%
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Call: | Automatically at par plus 9% per year if fund closes at or above initial level on Feb. 6, 2012, Aug. 6, 2012 or Jan. 29, 2013
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Initial share price: | $72.55
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Pricing date: | Jan. 28
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Settlement date: | Feb. 2
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Underwriter: | Wells Fargo Securities, LLC
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Fees: | 2%
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Cusip: | 282645VM9
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