Cgm Elks FM Cop & Gold (AMEX:EKF)
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Claymore Securities, Inc. announced that a $47 million public offering
of 11.0% Enhanced Yield Securities linked to the Claymore YieldStreamSM
20 Series 2007-A closed yesterday.
The Enhanced Yield Securities are securities that were issued by
Eksportfinans ASA and underwritten by Wachovia Capital Markets, LLC. The
securities will mature on April 30, 2008 and trade on the American Stock
Exchange under the ticker symbol EKF.
The Claymore YieldStreamSM 20 Series 2007-A
represents twenty common stocks in six industry sectors. The constituent
stocks of the Claymore YieldStreamSM 20 were
selected by Claymore with the objective of creating a moderately
diversified basket of twenty stocks that is designed to produce an
attractive yield in a structure that provides income in exchange for
potential downside exposure to the price performance of the constituent
stocks of the Claymore YieldStreamSM 20.
Investors in the securities will receive interest paid monthly at a rate
of 11% per annum on the initial per-share principal amount of $20.
Unlike a traditional debt security, the return of principal of the
securities is dependent on the performance of the common stocks in the
Claymore YieldStreamSM 20. Each $1 of the $20
principal amount of the securities is exposed to the downside
performance of a common stock in the Claymore YieldStreamSM
20, but only if that stock drops by 25% or more during the term of the
securities. Investors in the securities will not participate in any
upside performance of the stocks in the Claymore YieldStreamSM
20.
Claymore CEO David Hooten said, "We're excited about the market's
reception of our first structured product, designed in partnership with
Wachovia and Eksportfinans."
Richard Silva, the co-head of Wachovia Capital Markets, LLC equity
structured products group in New York, said, “For
the first time, investors seeking higher yields in the equity-linked
securities market have access to an independently selected, diversified
portfolio designed specifically for the structured product market.
Claymore and Wachovia are at the forefront of providing investors with
innovative investment strategies and products, and we are thrilled to
have partnered with them on the securities linked to the YieldStream 20.
We believe that this approach introduces a new generation of structured
products, and we look forward to continuing our partnership with
Claymore to deliver best-of-breed investment strategies and products to
the marketplace.”
The Enhanced Yield Securities linked to the Claymore YieldStreamSM
20 Series 2007-A were issued by Eksportfinans ASA. Eksportfinans ASA is
Norway’s sole specialized export finance
institution with total assets of USD$26.4 billion as of December 31,
2006. It was established in 1962 by a consortium of private Norwegian
banks with the cooperation of the Norwegian authorities to provide
government-supported finance for the export of ships and capital goods
and commercial financing for a broad range of exports.
Claymore Securities, Inc. is a privately-held financial services company
offering unique investment solutions for financial advisors and their
valued clients. As of March 31, 2007, Claymore entities have provided
supervision, management, servicing or distribution on over $16 billion
in assets through closed-end funds, unit investment trusts, mutual
funds, separately managed accounts, exchange-traded funds and Claymore
MACROshares. Additional information on Claymore is available at www.claymore.com.
Registered investment products are sold by prospectus only and investors
should read the prospectus carefully before investing.
Wachovia Securities is the trade name for the corporate and investment
banking services of Wachovia Corporation and its subsidiaries, including
Wachovia Capital Markets, LLC, the underwriter for the offering. Debt
and equity underwriting, trading, research and sales, loan syndications
agent services, and corporate finance and M&A advisory services are
offered by Wachovia Capital Markets, LLC, member NASD, NYSE and SIPC.
Mezzanine capital, private equity, municipal securities trading and
sales, cash management, credit, international, leasing and risk
management products and services are offered by various non-broker
dealer subsidiaries of Wachovia Corporation.
The securities are not sponsored, endorsed or sold by Claymore
Securities, Inc. or its parent or affiliates (“Claymore”).
Claymore has not passed on the legality or suitability of, or the
accuracy or adequacy of descriptions and disclosures relating to, the
securities. Claymore makes no representation or warranty, express or
implied, to any member of the public regarding the advisability of
investment in securities generally or in the securities particularly.
Claymore makes no warranty, express or implied, as to the results to be
obtained by owners of securities.
This is not an offer to sell or a solicitation of an offer to buy the
securities.
Member NASD/SIPC
04/07
NOT FDIC-INSURED -- NOT BANK-GUARANTEED -- MAY LOSE VALUE