Published on 9/4/2007 in the Prospect News Structured Products Daily.
New Issue: Wachovia prices $9.13 million absolute return range notes linked to iShares MSCI EAFE
By Angela McDaniels
Seattle, Sept. 4 - Wachovia Corp. priced a $9.13 million issue of 0% absolute return range notes due March 5, 2009 linked to the iShares MSCI EAFE index fund, according to a 424B5 filing with the Securities and Exchange Commission.
If the index fund's share price remains within the absolute return range throughout the life of the notes, the payout at maturity will be par plus the absolute value of the index fund return. Otherwise, the payout will be par.
The absolute return range is $61.66 to $92.48, inclusive. The upper and lower barriers are 20% above and below the initial share price, respectively.
Wachovia Securities is the underwriter.
Issuer: | Wachovia Corp.
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Issue: | Absolute return range notes
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Underlying asset: | iShares MSCI EAFE index fund
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Amount: | $9,126,000
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Maturity: | March 5, 2009
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus absolute value of the index fund return if share price is never above the upper barrier and never below the lower barrier; otherwise, par
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Initial share price: | $77.07
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Upper barrier: | $92.48, 120% of initial price
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Lower barrier: | $61.66, 80% of initial price
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Pricing date: | Aug. 30
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Settlement date: | Sept. 5
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Underwriter: | Wachovia Securities
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Fees: | 2%
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