Published on 5/30/2007 in the Prospect News Structured Products Daily.
New Issue: Eksportfinans prices $1.881 million 17% reverse convertibles linked to the Dogs of the Dow
By Angela McDaniels
Seattle, May 30 - Eksportfinans ASA priced a $1.881 million issue of 17% reverse convertible notes due May 30, 2008 linked to a basket of the "Dogs of the Dow" for May via Natixis Securities North America Inc., according to a 424B3 filing with the Securities and Exchange Commission.
The basket includes Pfizer Inc.; Verizon Communications Inc.; Altria Group, Inc.; AT&T Inc.; Citigroup Inc.; Merck & Co., Inc.; General Motors Corp.; E.I. du Pont de Nemours and Co.; General Electric Co.; and JPMorgan Chase & Co.
Interest is payable monthly.
The payout at maturity will be par unless any of the stocks falls below its knock-in price, 65% of its initial share price, during the life of the notes and any stock finishes below its initial share price, in which case the payout will be a number of shares of the worst-performing stock equal to $1,000 divided by that stock's initial share price.
| Issuer: | Eksportfinans ASA
|
| Issue: | Reverse convertible notes
|
| Underlying stocks: | Pfizer Inc.; Verizon Communications Inc.; Altria Group, Inc.; AT&T Inc.; Citigroup Inc.; Merck & Co., Inc.; General Motors Corp.; E.I. du Pont de Nemours and Co.; General Electric Co.; and JPMorgan Chase & Co.
|
| Amount: | $1.881 million
|
| Maturity: | May 30, 2008
|
| Coupon: | 17%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock falls below its knock-in price during the life of the notes and any stock finishes below its initial share price, in which case the payout will be a number of shares of the worst-performing stock equal to $1,000 divided by that stock's initial share price
|
| Initial share prices: | $27.28 for Pfizer, $42.54 for Verizon, $70.47 for Altria, $40.42 for AT&T, $54.93 for Citigroup, $53.75 for Merck, $30.47 for GM, $51.34 for Dupont, $37.38 for GE and $51.59 for JPMorgan
|
| Knock-in price: | 65% of each stock's initial share price
|
| Pricing date: | May 24
|
| Settlement date: | May 31
|
| Underwriter: | Natixis Securities North America Inc.
|
| Fees: | 2%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
