Published on 6/3/2008 in the Prospect News Structured Products Daily.
New Issue: Wachovia prices $7.63 million 15% enhanced yield securities linked to Ford for Eksportfinans
By Angela McDaniels
Tacoma, Wash., June 3 - Eksportfinans ASA priced $7.63 million of enhanced yield securities due Dec. 5, 2008 linked to the common stock of Ford Motor Co. via Wachovia Capital Markets, LLC, according to a 424B3 filing with the Securities and Exchange Commission.
The six-month notes will pay 7.5% for an annualized rate of 15%. Interest is payable monthly.
The payout at maturity will be par unless Ford stock falls by 35% or more during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Ford 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: | Ford Motor Co. (NYSE: F)
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Amount: | $7,628,000
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Maturity: | Dec. 5, 2008
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Coupon: | 15%, payable monthly
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Price: | Par
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Payout at maturity: | If Ford stock trades at or below the knock-in price during the life of the notes and the final share price is less than the initial share price, 147.0588 Ford shares; otherwise, par
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Initial share price: | $6.80
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Knock-in price: | $4.42, 65% of initial share price
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Pricing date: | May 30
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Settlement date: | June 5
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Underwriter: | Wachovia Capital Markets, LLC
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Fees: | 1.25%
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