Published on 1/10/2011 in the Prospect News Structured Products Daily.
New Issue: Merrill prices $7.06 million bear Accelerated Return Notes on S&P 500 for Eksportfinans
By Jennifer Chiou
New York, Jan. 10 - Eksportfinans ASA priced $7.06 million of 0% bear Accelerated Return Notes due July 29, 2011 linked to the S&P 500 index via Merrill Lynch, Pierce, Fenner & Smith Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus five times the absolute value of any decline in the index, subject to a maximum return of 9.05%. Investors will lose 1% for every 1% that the index gains.
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: | $7,056,050
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Maturity: | July 29, 2011
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 500% of the absolute value of any index decline, capped at 9.05%; 1% loss for every 1% index gain
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Initial index level: | 1,273.85
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Pricing date: | Jan. 6
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Settlement date: | Jan. 13
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Underwriter: | Merrill Lynch, Pierce, Fenner & Smith Inc.
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Fees: | 1%
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Cusip: | 28264M855
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