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Wachovia to price absolute return range notes linked to S&P 500
By Angela McDaniels
Seattle, Sept. 11 - Wachovia Corp. plans to price an offering of 0% absolute return range notes due Jan. 5, 2009 linked to the S&P 500 index, according to a 424B5 filing with the Securities and Exchange Commission.
If the index does not cross the upper or lower barriers during the life of the notes, the payout at maturity will be par plus the absolute value of the index return. If the index is ever above or below the barriers, the payout will be par.
The upper and lower barriers will be 14% to 16% above and below the initial index level, respectively.
Wachovia Securities will be the underwriter.
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