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Merrill Lynch to price Bear Accelerated Return Notes linked to S&P 500 for Eksportfinans
By Susanna Moon
Chicago, June 29 - Eksportfinans ASA plans to price 0% Bear Accelerated Return Notes due January 2011 based on the S&P 500 index via underwriters Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10.00 plus five times the absolute value of any decline in the index, up to a maximum payout of $10.90 to $11.30 per note. The exact cap will be set at pricing.
Investors will lose 1% for every 1% that the index gains.
The notes are expected to price in July and settle in August.
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