Published on 9/9/2010 in the Prospect News Structured Products Daily.
New Issue: Merrill Lynch prices $22.25 million bearish notes linked to S&P 500 for Eksportfinans
By Angela McDaniels
Tacoma, Wash., Sept. 9 - Eksportfinans ASA priced $22.25 million of 0% bear Accelerated Return Notes due Dec. 14, 2010 linked to the S&P 500 index via underwriter Merrill Lynch, Pierce, Fenner & Smith Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is less than the initial level, the payout at maturity will be par of $10 plus 5% for every 1% that the index declines, subject to a maximum return of 8.1%.
If the final index level is greater than the initial level, investors will lose 1% for every 1% that the index advances.
Issuer: | Eksportfinans ASA
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Issue: | Bear Accelerated Return Notes
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Underlying index: | S&P 500
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Amount: | $22.25 million
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Maturity: | Dec. 14, 2010
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 5% for every 1% that index declines, up to maximum return of 8.1%; par minus 1% for every 1% that index advances
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Initial index level: | 1,091.84
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Pricing date: | Sept. 7
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Settlement date: | Sept. 14
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Underwriter: | Merrill Lynch, Pierce, Fenner & Smith Inc.
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Fees: | 0.5%
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Cusip: | 282649177
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