Published on 5/4/2010 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $8.55 million enhanced growth securities linked to S&P 500, ETFs
By Angela McDaniels
Tacoma, Wash., May 4 - Wells Fargo & Co. priced $8.55 million of 0% enhanced growth securities with buffered downside due Nov. 13, 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 30.5%. If the basket declines by 10% or less, the payout will be par. If the basket declines by more than 10%, the payout will be par multiplied by 111.11% of the quotient of the final basket level divided by the initial basket level.
Wells Fargo Securities, LLC is the underwriter.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Enhanced growth securities
|
| 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)
|
| Amount: | $8,549,000
|
| Maturity: | Nov. 13, 2012
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus 1.5 times any basket gain, up to maximum return of 30.5%; par if basket declines by 10% or less; par multiplied by 111.11% of final basket level divided by initial level if basket declines by more than 10%
|
| Initial levels: | 1,186.69 for S&P 500, $54.43 for iShares MSCI EAFE, $71.58 for iShares Russell 2000 and $42.05 for iShares MSCI Emerging Markets
|
| Pricing date: | April 30
|
| Settlement date: | May 10
|
| Underwriter: | Wells Fargo Securities, LLC
|
| Fees: | 2%
|
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