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Wells Fargo plans access notes linked to metals ETF for Eksportfinans
By Susanna Moon
Chicago, April 28 - Eksportfinans ASA plans to price 0% autocallable access securities with fixed percentage buffered downside due May 31, 2013 linked to SPDR S&P Metals and Mining fund, according to a 424B5 filing with the Securities and Exchange Commission.
Wells Fargo Securities, LLC is the agent.
The notes will be automatically called at par plus a call premium if the fund closes at or above the initial level on any of three call dates.
The call premium will be 9% to 11% if the notes are called on May 31, 2012, 13.5% to 16.5% if called on Nov. 30, 2012 and 18% to 22% if called on May 23, 2013. The exact call premiums will be set at pricing.
The payout at maturity will be par if the shares fall by up to 10%. Investors will be exposed to any fund decline beyond 10%.
The notes are expected to price and settle in May.
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