Published on 1/29/2008 in the Prospect News Structured Products Daily.
New Issue: Natixis prices $1.84 million 25% reverse convertibles on Dogs of the Dow for Eksportfinans
By E. Janene Geiss
Philadelphia, Jan. 29 - Eksportfinans ASA priced $1,838,000 million of 25% reverse convertible notes due Feb. 2, 2009 linked to the "Dogs of the Dow for January" stock basket via Natixis Securities North America Inc., according to a 424B3 filing with the Securities and Exchange Commission.
The underlying stocks are Altria Group, Inc., AT&T Inc., Citigroup Inc., E.I. du Pont de Nemours and Co., General Electric Co., General Motors Corp., Home Depot, Inc., JPMorgan Chase & Co., Pfizer Inc. and Verizon Communications Inc.
At maturity, investors will receive par if none of the component stocks closes below its knock-in price - 60% of the initial price - during the life of the notes or if each stock finishes at or above its initial price.
Otherwise, the payout will be a number of shares of the worst-performing stock equal to par divided by the initial price of that stock.
Interest is payable monthly.
| Issuer: | Eksportfinans ASA
|
| Issue: | Reverse convertible notes
|
| Underlying stocks: | Altria Group, Inc. (NYSE: MO), AT&T Inc. (NYSE: T), Citigroup Inc. (NYSE: C), E.I. du Pont de Nemours and Co. (NYSE: DD), General Electric Co. (NYSE: GE), General Motors Corp. (NYSE: GM), Home Depot, Inc. (NYSE: HD), JPMorgan Chase & Co. (NYSE: JPM), Pfizer Inc. (NYSE: PFE) and Verizon Communications Inc. (NYSE: VZ)
|
| Amount: | $1,838,000
|
| Maturity: | Feb. 2, 2009
|
| Coupon: | 25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless a component stock closes below its knock-in price during the life of the notes and the worst-performing stock finishes below its initial price, in which case the payout will be a number of the worst-performing shares equal to par divided by the initial share price
|
| Initial share prices: | $73.95 for Altria, $35.26 for AT&T, $26.64 for Citigroup, $44.72 for DuPont, $34 for GE, $25.79 for GM, $28.53 for Home Depot, $43.64 for JPMorgan, $22.61 for Pfizer and $37.76 for Verizon
|
| Knock-in prices: | 60% of the initial share prices: $44.37 for Altria, $21.156 for AT&T, $15.984 for Citigroup, $26.832 for DuPont, $20.400 for GE, $15.474 for GM, $17.118 for Home Depot, $26.184 for JPMorgan, $13.566 for Pfizer and $22.656 for Verizon
|
| Pricing date: | Jan. 25
|
| Settlement date: | Jan. 31
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| Underwriter: | Natixis Securities North America Inc.
|
| Fees: | 3%
|
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