Wachovia to sell enhanced growth notes linked to Nikkei

By Jennifer Chiou

New York, March 8 - Wachovia Corp. is planning an offering of notes in the Enhanced Growth Securities structure linked to the Nikkei 225 index, according to a 424B5 filing with the Securities and Exchange Commission.

The securities will mature on Oct. 1, 2009 and will also have currency protection.

At maturity, the notes will pay par plus triple the percentage increase of the index, capped at a payment expected to be between $17.25 and $18.25 per $10.00 par. Holders will participate fully in any decline. Because the payout is linked to the percentage change in the index rather than the dollar value of the stocks underlying the index, there is no currency risk.

The notes do not pay interest.

Wachovia has applied to list the securities on the American Stock Exchange under the symbol "NWM."

Wachovia Securities will be the underwriter.

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