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Merrill plans bear accelerated notes on S&P 500 for Eksportfinans
By Susanna Moon
Chicago, Sept. 3 - Eksportfinans ASA plans to price 0% Bear Accelerated Return Notes due December 2010 based on the performance of the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus triple the absolute value of any decline in the index, up to a maximum return of $10.50 to $10.90 per note. The exact cap will be set at pricing.
Investors will lose 1% for every 1% index gain.
The notes are expected to price and settle in September.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the agent.
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