Published on 1/29/2008 in the Prospect News Structured Products Daily.
New Issue: Natixis sells $136,000 26.4% reverse convertibles linked to Fannie Mae for Eksportfinans
By E. Janene Geiss
Philadelphia, Jan. 29 - Eksportfinans ASA priced $136,000 of 26.4% annualized reverse convertible notes due May 1, 2008 linked to the common stock of Fannie Mae via Natixis Securities North America Inc., according to a 424B3 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Fannie Mae stock falls by more than 30% during the life of the notes and the stock finishes below the initial price, in which case the payout will be a number of Fannie Mae shares equal to $1,000 divided by the initial share price.
Issuer: | Eksportfinans ASA
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Issue: | Reverse convertible notes
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Underlying stock: | Fannie Mae (Symbol: FNM)
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Amount: | $136,000
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Maturity: | May 1, 2008
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Coupon: | 26.4%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Fannie Mae stock falls by more than 30% during the life of the notes - a knock-in event - and the stock finishes below the initial price, in which case the payout will be a number of Fannie Mae shares equal to $1,000 divided by the initial share price
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Initial share price: | $31.80
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Knock-in price: | $22.26, 70% of initial share price
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Pricing date: | Jan. 25
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Settlement date: | Jan. 31
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Underwriter: | Natixis Securities North America Inc.
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Fees: | 2%
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