Eksportfinans Asa - Free Writing Prospectus - Filing under Securities Act Rules 163/433 (FWP)
April 16 2008 - 6:03AM
Edgar (US Regulatory)
Filed pursuant to Rule 433
Registration Statement
No. 333-140456
Dated April 15, 2008
Leveraged
Upside Securities
Linked to the Deutsche Bank
X-Alpha USD Excess Return Index
5 year
Maturity
n
250% Participation Rate
|
|
Preliminary
Terms & Conditions April 15,
2008
|
Offering Period: April 15, 2008 April 29,
2008
|
Summary
Terms
|
|
|
Issuer:
|
|
Eksportfinans ASA (Moodys Aaa (negative outlook), S&P
AA+, Fitch AAA)
|
|
Offering:
|
|
Leveraged Upside Securities Linked to the Deutsche Bank X-Alpha
USD Excess Return Index due May 3, 2013 (the
Securities)
|
|
Denominations:
|
|
$1,000 per Security (minimum investment $1,000)
|
|
Underlying:
|
|
The Deutsche Bank X-Alpha USD Excess Return Index
(Bloomberg: DBGLXAE <Index>)
|
|
Initial Level:
|
|
The official closing level of the Underlying on the Initial
Valuation Date
|
|
Final Level:
|
|
Official closing level of the Underlying on the Final Valuation
Date
|
|
Participation Rate:
|
|
250%
|
|
Index Return:
|
|
(Final Index Level Initial Index Level) / Initial
Index Level
|
|
Payment at Maturity:
|
|
The Securityholder will receive at maturity for each Security:
|
|
|
|
If the Index Return is positive:
|
|
|
|
$1,000 + $1,000 x Index Return x Participation Rate
|
|
|
|
If the Index Return is negative:
|
|
|
|
$1,000 + [$1,000 x Index Return]
|
The issuer has filed a registration statement (including a
prospectus) with the SEC for the offering to which this
communication relates. Before you invest, you should read the
prospectus in that registration statement and other documents
the issuer has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents
for free by visiting EDGAR on the SEC web site at www.sec.gov.
Alternatively, the issuer, any underwriter or any dealer
participating in the offering will arrange to send you the
prospectus if you request it by calling toll-free
1-800-311-4409.
|
|
|
Listing:
|
|
Unlisted Indicative secondary pricing may be
obtained on Bloomberg Page: DBUS <GO> or on the
X-markets website at
http://www.usxmarkets.db.com
|
|
Business Days:
|
|
London and New York (following business day convention)
|
|
Form of Security:
|
|
Global, Book-Entry. The Securities will be represented by a
single registered global security deposited with The Depository
Trust Company
|
|
Agent:
|
|
Deutsche Bank Securities Inc. The Agent may make sales through
its affiliates or selling agents.
|
|
Calculation Agent:
|
|
Deutsche Bank AG, London Branch
|
|
Discounts and Commissions:
|
|
The Securities are being purchased by Deutsche Bank Securities
Inc. (the Agent) as principal, pursuant to a terms
agreement dated as
of
l
,
between the Agent and the Issuer. The Agent has agreed to pay
the Issuers out-of-pocket expenses of the issue of the
Securities.
|
|
|
|
From time to time, the Agent and its affiliates have engaged,
and in the future may engage, in transactions with and the
performance of services for the Issuer for which they have been,
and may be, paid customary fees. In particular, the Issuer will
enter into hedging arrangements with Deutsche Bank AG, London
Branch in order to hedge the Issuers obligations under the
Securities.
|
|
|
|
The Agent may pay custodial fees to other broker-dealers of up
to 0.25% or $2.50 per $1,000 security face amount. See
Underwriting in the accompanying pricing supplement.
|
|
Security Codes:
|
|
CUSIP: 28264QH23
ISIN: US28264QH233
|
|
Relevant Dates
|
|
|
|
Marketing Begins:
|
|
April 14, 2008*
|
|
Book Closes:
|
|
April 29, 2008*
|
|
Initial Valuation Date:
|
|
April 30, 2008*
|
|
Initial Settlement Date:
|
|
May 5, 2008*
|
|
Final Valuation Date:
|
|
April 30, 2013*
|
|
Maturity / Final Settlement Date:
|
|
May 3, 2013*
|
* Expected dates subject to change.
Leveraged
Upside Securities Product Snapshot
Indicative
Terms
Structure:
|
|
|
|
|
|
|
Underlying:
|
|
The Deutsche Bank X-Alpha USD Excess Return Index
(Bloomberg: DBGLXAE <Index>)
|
|
|
Maturity:
|
|
May 5, 2013 (5 Years)
|
|
|
Participation Rate:
|
|
250%
|
|
|
Downside Risk:
|
|
One-for-one downside participation
|
Positioning:
|
|
|
|
|
Equity alternative that facilitates a bullish view on the
Underlying.
|
|
|
|
250% upside participation in the performance of the Underlying
Index at maturity.
|
|
|
|
Leveraged Upside Securities will outperform the Underlying at
maturity if the Index Return is positive.
|
Upside
Scenario:
|
|
|
|
|
If the Index Return is positive at maturity, investors will
receive 250% of the performance of the Underlying Index.
|
|
|
|
Investment in BUyS is not callable or averaged.
|
Downside
Scenario:
|
|
|
|
|
Investment in the Securities is not protected.
|
|
|
|
If the Index Return at maturity is negative, an investment in
the Securities will decline by 1% for every 1% decline in the
Underlying.
|
|
|
|
Maximum loss is 100% of the initial investment, subject to the
credit of the Issuer.
|
Risk
Considerations:
|
|
|
|
|
Because the Securities are not 100% principal protected, and the
return on the Securities is linked to the performance of the
Underlying, investors may lose all of their initial investment.
|
|
|
|
Return on the Securities is linked to the value of the
Underlying Index (without taking into consideration the value of
dividends paid on the component stocks underlying the index).
|
|
|
|
An investment in the Securities is subject to the credit of the
Issuer.
|
Investing in the Securities involves a number of risks. See
Selected Risk Factors on the last page of this
product snapshot and Risk Factors in the
accompanying pricing supplement.
Hypothetical
Scenario Analysis at Maturity:
|
|
|
|
|
Hypothetical scenario analysis contained herein does not reflect
the reinvestment of dividends and does not reflect advisory
fees, brokerage or other commissions, or any other expenses an
investor may incur in connection with the Securities.
|
|
|
|
No representation is made that any trading strategy or account
will, or is likely to, achieve results similar to those shown.
Hypothetical results are neither an indicator nor guarantee of
future returns. Actual results will vary, perhaps materially,
from the analysis below.
|
|
|
|
The table below assumes an Initial Level of 2,003.75.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage Appreciation
|
|
|
Payment at Maturity
|
|
|
|
|
or Depreciation Between
|
|
|
in U.S. Dollars and as a % of
|
|
Final Level
|
|
|
the Initial Level
|
|
|
Face Amount
|
|
on the Final Valuation Date
|
|
|
and the Final Level
|
|
|
Payment ($)
|
|
|
Return on Security (%)
|
|
|
|
4,007.50
|
|
|
|
100.00
|
%
|
|
|
3,500.00
|
|
|
|
250.00
|
%
|
|
3,506.56
|
|
|
|
75.00
|
%
|
|
|
2,875.00
|
|
|
|
187.50
|
%
|
|
3,005.63
|
|
|
|
50.00
|
%
|
|
|
2,250.00
|
|
|
|
125.00
|
%
|
|
2,504.69
|
|
|
|
25.00
|
%
|
|
|
1,625.00
|
|
|
|
62.50
|
%
|
|
2,404.50
|
|
|
|
20.00
|
%
|
|
|
1,500.00
|
|
|
|
50.00
|
%
|
|
2,304.31
|
|
|
|
15.00
|
%
|
|
|
1,375.00
|
|
|
|
37.50
|
%
|
|
2,204.13
|
|
|
|
10.00
|
%
|
|
|
1,250.00
|
|
|
|
25.00
|
%
|
|
2,043.83
|
|
|
|
2.00
|
%
|
|
|
1,050.00
|
|
|
|
5.00
|
%
|
|
2,023.79
|
|
|
|
1.00
|
%
|
|
|
1,025.00
|
|
|
|
2.50
|
%
|
|
2,003.75
|
|
|
|
0.00
|
%
|
|
|
1,000.00
|
|
|
|
0.00
|
%
|
|
1,983.71
|
|
|
|
-1.00
|
%
|
|
|
990.00
|
|
|
|
-1.00
|
%
|
|
1,963.68
|
|
|
|
-2.00
|
%
|
|
|
980.00
|
|
|
|
-2.00
|
%
|
|
1,803.38
|
|
|
|
-10.00
|
%
|
|
|
900.00
|
|
|
|
-10.00
|
%
|
|
1,703.19
|
|
|
|
-15.00
|
%
|
|
|
850.00
|
|
|
|
-15.00
|
%
|
|
1,603.00
|
|
|
|
-20.00
|
%
|
|
|
800.00
|
|
|
|
-20.00
|
%
|
|
1,502.81
|
|
|
|
-25.00
|
%
|
|
|
750.00
|
|
|
|
-25.00
|
%
|
|
1,001.88
|
|
|
|
-50.00
|
%
|
|
|
500.00
|
|
|
|
-50.00
|
%
|
|
500.94
|
|
|
|
-75.00
|
%
|
|
|
250.00
|
|
|
|
-75.00
|
%
|
|
0.00
|
|
|
|
-100.00
|
%
|
|
|
0.00
|
|
|
|
-100.00
|
%
|
The following graph sets forth the hypothetical return at
maturity for a range of hypothetical Final Level of the Deutsche
Bank X-Alpha USD Excess Return Index, assuming a Participation
Rate of 250%.
Selected
Risk Factors
|
|
|
|
|
YOUR INVESTMENT IN THE SECURITIES MAY RESULT IN A LOSS
The Securities do not guarantee any return of
principal. The return on the Securities at maturity is linked to
the performance of the Underlying Index and will depend on
whether, and the extent to which, the Index Return is positive
or negative.
|
|
|
|
CERTAIN BUILT-IN COSTS ARE LIKELY TO ADVERSELY AFFECT THE
VALUE OF THE SECURITIES PRIOR TO MATURITY
Certain built-in costs, such as our estimated
cost of hedging, are likely to adversely affect the value of the
Securities prior to maturity. You should be willing and able to
hold your Securities to maturity.
|
|
|
|
NO COUPON OR DIVIDEND PAYMENTS OR VOTING RIGHTS
You will not receive coupon payments on the
Securities or have voting rights or rights to receive cash
dividends or other distributions.
|
|
|
|
CURRENCY EXCHANGE RISK
Because the closing
prices of the component securities are converted into
U.S. dollars for purposes of calculating the value of the
Index, investors in the Securities will be exposed to currency
exchange rate risk with respect to each of the currencies in
which the component securities trade.
|
|
|
|
NO DIRECT EXPOSURE TO FLUCTUATIONS IN FOREIGN EXCHANGE RATES
The value of your Securities will not be
adjusted for fluctuations in exchange rates related to the
U.S. dollar that might affect the Index.
|
|
|
|
LACK OF LIQUIDITY
There may be little or no
secondary market for the Securities. The Securities will not be
listed on any securities exchange.
|
|
|
|
OUR RESEARCH, OPINIONS OR RECOMMENDATIONS COULD AFFECT THE
LEVEL OF THE INDEX OR THE MARKET VALUE OF THE SECURITIES
The Agent and its affiliates and agents may
publish research, express opinions or provide recommendations
that are inconsistent with investing in or holding the
Securities, which could affect the level of the Index or the
value of the Securities.
|
|
|
|
POTENTIAL CONFLICTS
Because the Agent and its
affiliates play a variety of roles in connection with the
issuance of the Securities, including acting as calculation
agent and hedging our obligations under the Securities, the
economic interests of the calculation agent and other affiliates
of the Agent are potentially adverse to your interests as an
investor in the Securities.
|
|
|
|
MANY ECONOMIC AND MARKET FACTORS WILL AFFECT THE VALUE OF THE
SECURITIES
In addition to the level of the Index
on any day, the value of the Securities will be affected by a
number of complex and interrelated economic and market factors
that may either offset or magnify each other.
|
|
|
|
THE U.S. TAX CONSEQUENCES OF AN INVESTMENT IN THE
SECURITIES ARE UNCLEAR
Significant aspects of
the U.S. federal income tax treatment of the Securities are
uncertain, and no assurance can be given that the Internal
Revenue Service will accept, or a court will uphold, the tax
consequences described in the pricing supplement related to this
offering.
|
NOT
FDIC/NCUA INSURED/MAY LOSE VALUE/NO BANK GUARANTEE
NOT A DEPOSIT/NOT INSURED BY ANY FEDERAL GOVERNMENTAL
AGENCY
Cgm Elks FM Cop & Gold (AMEX:EKF)
Historical Stock Chart
From Jul 2024 to Aug 2024
Cgm Elks FM Cop & Gold (AMEX:EKF)
Historical Stock Chart
From Aug 2023 to Aug 2024