Published on 1/31/2011 in the Prospect News Structured Products Daily.
New Issue: Merrill prices $29.14 million Stars on S&P 500 for Eksportfinans
By Jennifer Chiou
New York, Jan. 31 - Eksportfinans ASA priced $29.14 million of 0% Strategic Accelerated Redemption Securities due July 22, 2011 linked to the S&P 500 index via Merrill Lynch, Pierce, Fenner & Smith Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If the index level on the July 15, 2011 observation date is greater than or equal to the initial level, the notes will be automatically called and investors will receive par of $10 plus an annualized call premium of 12.1%.
If the notes are not called prior to maturity, investors will share fully in any losses.
Issuer: | Eksportfinans ASA
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Issue: | Strategic Accelerated Redemption Securities
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Underlying index: | S&P 500
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Amount: | $29,141,360
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Maturity: | July 22, 2011
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Investors share in any losses
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Call: | Automatically at par plus call premium of 12.1% per year if index closes at or above initial level on July 25, 2011
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Initial index level: | 1,299.54
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Pricing date: | Jan. 27
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Settlement date: | Feb. 4
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Underwriter: | Merrill Lynch, Pierce, Fenner & Smith Inc.
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Fees: | 1%
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Cusip: | 28264M871
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