Published on 11/18/2009 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $3.49 million 13.5% enhanced yield notes on Hartford for Eksportfinans
By Jennifer Chiou
New York, Nov. 18 - Eksportfinans ASA priced $3.49 million of 13.5% annualized enhanced yield securities with contingent downside protection due May 20, 2010 linked to the common stock of Hartford Financial Services Group, Inc., according to a 424B3 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 Hartford stock falls by 40% or more during the life of the notes and finishes below the initial share price, in which case investors will receive a number of Hartford shares equal to $1,000 divided by the initial share price.
Issuer: | Eksportfinans ASA
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Issue: | Enhanced yield securities with contingent downside protection
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Underlying stock: | Hartford Financial Services Group, Inc. (NYSE: HIG)
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Amount: | $3,485,000
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Maturity: | May 20, 2010
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Coupon: | 13.5%, 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, 39.5257 Hartford shares; otherwise, par
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Initial share price: | $25.30
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Knock-in price: | $15.18, 60% of initial price
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Pricing date: | Nov. 16
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Settlement date: | Nov. 19
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Agent: | Wells Fargo Securities, LLC
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Fees: | 1.25%
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