Wachovia to price enhanced yield securities linked to commodity basket

By Laura Lutz

Des Moines, April 9 - Wachovia Corp. plans to price an issue of enhanced yield securities due 2010 linked to a basket of seven commodities, according to a 424B5 filing with the Securities and Exchange Commission.

The basket includes copper, nickel, zinc, lead, silver, platinum and corn.

If, at the end of a quarter, the closing price of any component commodity is less than 70% of its initial price, the interest rate for that quarter will be zero. Otherwise, the securities will pay interest at a rate to be determined at pricing.

The payout at maturity will be par.

Wachovia Securities will be the underwriter.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.