Published on 10/19/2009 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $2.90 million 12% enhanced yield notes on Newmont for Eksportfinans
By Susanna Moon
Chicago, Oct. 19 - Eksportfinans ASA priced $2.90 million of 12% annualized enhanced yield securities due April 20, 2010 linked to the common stock of Newmont Mining Corp., according to an FWP filing with the Securities and Exchange Commission.
Wells Fargo Securities, LLC is the agent.
Interest is payable monthly.
The payout at maturity will be par unless Newmont Mining stock falls by 20% or more during the life of the notes and finishes below the initial share price, in which case investors will receive a number of Newmont Mining 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: | Newmont Mining Corp. (NYSE: NEM)
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Amount: | $2,904,000
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Maturity: | April 20, 2010
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Coupon: | 12%, payable monthly
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Price: | Par
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Payout at maturity: | If the stock falls to or below the knock-in price during the life of the notes and finishes below the initial price, 21.4777 Newmont Mining shares; otherwise, par
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Initial share price: | $46.56
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Knock-in price: | $34.92, or 25% below the initial price
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Pricing date: | Oct. 15
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Settlement date: | Oct. 20
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Agent: | Wells Fargo Securities, LLC
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Fees: | 1.25%
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