Published on 8/14/2007 in the Prospect News Structured Products Daily.
New Issue: Natixis prices $593,000 15% reverse convertibles linked to banking basket for Eksportfinans
By E. Janene Geiss
Philadelphia, Aug. 14 - Natixis Securities North America Inc. priced a $593,000 issue of 15% reverse convertible notes due Aug. 15, 2008 linked to the common stocks of four banking companies for issuer Eksportfinans ASA, according to an FWP filing with the Securities and Exchange Commission.
The basket will include Bear Stearns Cos. Inc., Goldman Sachs Group, Inc., JPMorgan Chase & Co. and Merrill Lynch & Co., Inc.
Interest will be payable monthly.
The payout at maturity will be par unless any basket stock closes below its knock-in level - 70% of its initial price - during the life of the notes and the final price of any basket stock is below its initial price, in which case investors will receive a number of shares of the worst-performing stock equal to $1,000 divided by that stock's initial price.
| Issuer: | Eksportfinans ASA
|
| Issue: | Reverse convertible notes
|
| Amount: | $593,000
|
| Underlying stock: | Bear Stearns Cos. Inc., Goldman Sachs Group, Inc., JPMorgan Chase & Co. and Merrill Lynch & Co., Inc.
|
| Maturity: | Aug. 15, 2008
|
| Coupon: | 15%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless any basket stock closes below its knock-in level - 70% of its initial price - during the life of the notes and the final price of any basket stock is below its initial price, in which case investors will receive a number of shares of worst-performing stock equal to $1,000 divided by that stock's initial price
|
| Initial prices: | $110.20 for Bear Stearns; $180.50 for Goldman Sachs; $44.25 for JPMorgan Chase & Co.; $59.07 for Lehman Brothers Holdings; and $74.12 for Merrill Lynch & Co.
|
| Knock-in price: | 70% of stock's initial price, or $77.140 for Bear Stearns; $126.350 for Goldman Sachs; $30.975 for JPMorgan Chase & Co.; $41.349 for Lehman Brothers Holdings; and $51.884 for Merrill Lynch & Co.
|
| Exchange ratio: | | 9.0744 for Bear Stearns; 5.5402 for Goldman Sachs; 22.5989 for JPMorgan Chase & Co.; 16.9291for Lehman Brothers; and 13.4916 for Merrill Lynch & Co.
|
| Pricing date: | Aug. 10
|
| Settlement date: | Aug. 15
|
| Underwriter: | Natixis Securities North America Inc.
|
| Fees: | 2.75%
|
© 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.
