Published on 3/2/2009 in the Prospect News Structured Products Daily.
New Issue: Wachovia prices $4.1 million 14% enhanced yield notes linked to Microsoft for Eksportfinans
By Susanna Moon
Chicago, March 2 - Eksportfinans ASA priced $4.1 million of 14% enhanced yield securities due Sept. 10, 2009 linked to the common stock of Microsoft Corp. via Wachovia Capital Markets, LLC, according to a 424B5 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Microsoft stock falls by 30% or more during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Microsoft shares equal to $1,000 divided by the initial share price.
Issuer: | Eksportfinans ASA
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Issue: | Enhanced yield securities
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Underlying stock: | Microsoft Corp. (Nasdaq: MSFT)
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Amount: | $4,101,000
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Maturity: | Sept. 10, 2009
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Coupon: | 14%, payable monthly
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Price: | Par
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Payout at maturity: | If Microsoft stock falls to or below the knock-in price during the life of the notes and the final share price is less than the initial share price, 60.9013 Microsoft shares; otherwise, par
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Initial share price: | $16.42
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Knock-in price: | $11.494, 70% of initial price
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Pricing date: | Feb. 26
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Settlement date: | March 3
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Underwriter: | Wachovia Capital Markets, LLC
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Fees: | 1.25%
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