Published on 10/30/2006 in the Prospect News Structured Products Daily.
New Issue: Wachovia prices $6.72 million strategic access securities linked to CBOE S&P 500 BuyWrite
By Jennifer Chiou
New York, Oct. 30 - Wachovia Corp. priced a $6.72 million issue of 0% strategic access securities due April 15, 2008 linked to the CBOE S&P 500 BuyWrite index, according to a 424B5 filing with the Securities and Exchange Commission.
At maturity or upon exercise of the exchange right, investors will receive a net entitlement value, initially set at $9.825 per $10.00 security, based on the closing level of the index times an exchange factor, which initially is 0.012587278. The exchange factor is equal to the net entitlement value divided by the index closing level.
Investors will receive the net entitlement value, less an adjustment amount, which is 1.00% per year.
Issuer: | Wachovia Corp.
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Issue: | Strategic access securities
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Underlying index: | CBOE S&P 500 BuyWrite index
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Amount: | $6,719,400
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Maturity: | April 15, 2008
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Coupon: | 0%
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Price: | Par of $10.00
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Payout at maturity: | Net entitlement value, initially set at $9.825 per $10.00 security, based on the closing level of the index times an exchange factor - initially 0.012587278 - which is equal to the net entitlement value divided by the index closing level, less an adjustment amount of 1.00% per year
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Pricing date: | Oct. 27
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Settlement date: | Nov. 1
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Underwriter: | Wachovia Securities
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Fees: | 2%
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