US Wrap: Natixis goes heavy on metal with new note issue
Natixis launched four reverse convertible products in the US market yesterday, including notes linked to the stock of US Steel and Chicago Bridge & Iron Company. It is using the external credit of Eksportfinans to issue all the notes, rather than its own lower-rated debt.
Each note lasts one year, with Chicago Bridge & Iron offering the highest annualised coupon of 21.05%. The remaining notes are referenced to the stock of Wells Fargo and Research in Motion, which is involved in the production of Blackberry devices.
Issuer
Product type
Underlying
Pricing date
Maturity date
EKSPORTFINANS ASA
Reverse Convertible
Wells Fargo
May 15 2009
May 20 2010
EKSPORTFINANS ASA
Reverse Convertible
US Steel
May 15 2009
May 20 2010
EKSPORTFINANS ASA
Reverse Convertible
Research in Motion
May 15
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