Published on 3/30/2010 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $10.88 million enhanced growth securities linked to S&P 500, ETFs
By Angela McDaniels
Tacoma, Wash., March 30 - Wells Fargo & Co. priced $10.88 million of 0% enhanced growth securities with buffered downside due July 9, 2012 linked to a global equity basket, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes the S&P 500 index with a 40% weight, the iShares MSCI EAFE index fund with a 30% weight, the iShares Russell 2000 index fund with a 20% weight and the iShares MSCI Emerging Markets index fund with a 10% weight.
The payout at maturity will be par plus 1.5 times any basket gain, subject to a maximum return of 28%. Investors will receive par if the basket falls by 10% or less and will lose 1.1111% for every 1% that it declines beyond 10%.
Wells Fargo Securities, LLC is the underwriter.
Issuer: | Wells Fargo & Co.
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Issue: | Enhanced growth securities with buffered downside
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Underlying basket: | S&P 500 index (40% weight), iShares MSCI EAFE index fund (30% weight), iShares Russell 2000 index fund (20% weight) and iShares MSCI Emerging Markets index fund (10% weight)
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Amount: | $10,878,000
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Maturity: | July 9, 2012
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 1.5 times any basket gain, up to maximum return of 28%; par if basket falls by 10% or less; 1.1111% loss for every 1% decline beyond 10%
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Initial levels: | 1,166.59 for S&P 500; $55.51 for iShares MSCI EAFE; $67.81 for iShares Russell 2000; $41.12 for iShares MSCI Emerging Markets
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Pricing date: | March 26
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Settlement date: | April 5
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Underwriter: | Wells Fargo Securities, LLC
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Fees: | 2%
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