Wells Fargo plans access notes on iShares Russell for Eksportfinans

By Toni Weeks

San Diego, April 28 - Eksportfinans ASA plans to price 0% autocallable access securities with fixed percentage buffered downside due May 31, 2013 linked to the iShares Russell 2000 index fund via Wells Fargo Securities, LLC, according to a 424B5 filing with the Securities and Exchange Commission.

The notes will be automatically called at par plus a premium if the fund's closing share price is greater than the initial share price on any of the call dates. The premium is 7% to 9% for the first call date of May 31, 2012, 10.5% to 13.5% for the second call date of Nov. 30, 2012 and 14% to 18% on the final call date of May 23, 2013. The exact premiums will be set at pricing.

If the notes are not called and the fund's final share price is at least 90% of the initial level, the payout at maturity will be par. Investors will lose 1% for every 1% that the fund declines beyond 10%.

The notes are expected to price and settle in May.

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