New Issue: Wachovia prices $4.7 million 0% notes inversely linked to S&P 500

By Angela McDaniels

Seattle, Oct. 31 - Wachovia Corp. priced a $4,673,860 issue of 0% enhanced growth bearish return securities due Nov. 5, 2007 inversely linked to the S&P 500 index, according to a 424B5 filing with the Securities and Exchange Commission.

If the index declines, the payout at maturity will be par plus triple the absolute value of the decline. The return will be capped at $3.70 per $10.00 security.

Investors will lose 1% for each 1% gain on the index, with a maximum loss of $5.00 per $10.00 security.

Issuer:	Wachovia Corp.
Issue:	Enhanced growth bearish return securities
Underlying index:	S&P 500
Amount:	$4,673,860
Maturity:	Nov. 5, 2007
Coupon:	0%
Price:	Par of $10.00
Payout at maturity:	Par plus triple the absolute value of any decline in the index, capped at a 37% return; investors will lose 1% for each 1% gain on the index up to a maximum loss of 50%
Pricing date:	Oct. 30
Settlement date:	Nov. 2
Underwriter:	Wachovia Securities
Underwriting fees:	225 basis points

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