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Wells Fargo to price enhanced participation securities linked to Financial Select Sector SPDR fund
By Angela McDaniels
Tacoma, Wash., March 5 - Wells Fargo & Co. plans to price 0% enhanced participation securities with partial principal protection due in April 2011 linked to the Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus double any increase in the fund's share price, subject to a maximum return that is expected to be 50% to 60% and will be set at pricing. Investors will receive par if the share price declines by 15% or less and will lose 1% for each 1% decline beyond 15%.
Wells Fargo Securities, LLC will be the underwriter.
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