1. finance
2. investing
3. stocks

Why Consider Market Linked CDs and Notes
Tuesday, December 4, 2012 at 4:15 p.m. (EDT)
For Financial Professionals/Not for Public Distribution
McGraw-Hill
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Disclaimer
S&P Dow Jones Indices emphasizes to participants that Cary Immesoete, Eric Miller,
Tim Mortimer, Deryk Rhodes and Keith Styrcula are guest speakers and are not
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Bernd Henseler, CFA
Vice President, Structured Products Channel
S&P Dow Jones Indices
Bernd Henseler is vice president at S&P Dow Jones Indices, responsible for the channel management efforts
for structured products globally.
Prior to joining S&P Dow Jones Indices, Bernd was a vice president at an independent asset manager in
Toronto. Before that, Bernd was an executive director for Morgan Stanley, London, in the retail structured
products group where he was responsible for setting up a structured products platform and development of
investment solutions for private clients. Prior to Morgan Stanley, Bernd was a vice president for the equity
structured products platform at Deutsche Bank in Frankfurt and London. He also worked as vice president at
Sal. Oppenheim in Frankfurt in the equity derivatives department developing solutions for private and corporate
clients and extending the structured products offerings.
Bernd is a CFA charter holder. He holds a master’s degree in business administration from Indiana, University
of Pennsylvania and a Diplom Kaufmann degree in business administration and finance from GerhardMercator University in Duisburg.
4
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Keith Styrcula
Moderator
Founder and Chairman
Structured Products Association
Keith Styrcula is the founder and chairman of the Structured Products Association and was a senior marketer in
JPMorgan’s Structured Solutions group until January 2006.
His career started in 1991 when he joined CSFB’s Legal Department from Fordham University School of Law to
oversee legal, regulatory and compliance issues related to First Boston’s derivatives effort. While practicing as
a derivatives attorney, he was a member of the FIA Law & Compliance Executive Committee, the SIA Options
and Derivatives committee and served on the Business Conduct Committee of the Philadelphia Stock
Exchange.
He moved to the business side of equity derivatives in February 1997, reporting to the head of equity
derivatives at SBC Warburg (renamed UBS following the merger). At UBS, he created the first structured
product linked to the Dow Jones Industrial Average (issued by IBM). He returned to CSFB in July 2000 to
launch the structured products platform for the newly acquired DLJ Private Client Services group, which placed
$1.2 billion in its first year. He founded the 1,700-member Structured Products Association in August 2003.
www.structuredproducts.org.
He is frequently quoted in the financial media as an authority on derivatives, structured products and the next
generation of investments for U.S. and was profiled in the February 2004 issue of Risk magazine on his vision
for the future of structured investments. The March 2006 issue of Structured Products Magazine interviewed
him on his groundbreaking new structured products platform he launched in the U.S.
5
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Cary Immesoete
Managing Director, Product Development and External Distribution
Wells Fargo
Cary is Managing Director of Product Development and Marketing for the Customized Investment Solutions
Group. In this capacity, Cary and his team develop, offer and issue Market Linked Notes and CDs to Retail,
Mass Affluent and High Net-Worth clients.
Cary joined the Wells Fargo Corporate Development Group as a Mergers and Acquisitions Specialist in
February 2000. While in Corporate Development, he participated in the negotiation, analysis, and due diligence
of numerous transactions, including the acquisitions of Montgomery Asset Management, First Security
Corporation and Strong Financial Corporation.
Cary received a M.A. in economics as well as a M.B.A. from SUNY at Buffalo. He completed his undergraduate
studies at the University of Rochester with bachelor’s degrees in Physics and in Economics.
6
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Eric Miller
Managing Director, Wealth Management Structured Products Marketing
HSBC Bank USA, N.A.
Eric has been advising high net worth individuals and their consultants on the use of derivatives for risk
management and structured investments for seventeen years. He joined HSBC to assist in the effort to
distribute structured investments through third party channels. Prior to joining HSBC, he held head of structured
product sales roles at Natixis and ABN AMRO. At ABN AMRO, he created the S-NoteSM marketing concept for
educating third-parties and their advisors on the appropriate positioning of structured products to clients with
varying risk tolerance and asset allocation needs.
Before joining ABN AMRO, Eric worked at UBS, where upon UBS's acquisition of PaineWebber, he was
chosen to lead the effort to distribute derivatives through their wealth management channel. Prior to that, Eric
was at Lehman Brothers where he was involved in hedging, monetization and structured product solutions for
Lehman's private client services group in the U.S. and Latin America.
Eric received his M.B.A. from the Kellogg School at Northwestern University. He has a B.S. in Computer
Engineering from the University of Rhode Island and a Masters Degree in Electrical Engineering from Clemson
University.
7
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Deryk Rhodes
Vice President, Structured Investments Group
Incapital LLC
Deryk Rhodes is Vice President with Incapital LLC’s Structured Investments Group. Mr. Rhodes is responsible
for the distribution of both new issue and secondary structured retail products globally across all asset classes.
Deryk joined Incapital in November 2010. Deryk was formerly with Newbridge Securities as head of structured
products trading. Prior to joining Newbridge, Mr. Rhodes was a director at Citigroup focusing on structured
products sales to third party dealers and institutional accounts. Previously, Deryk was vice president within the
structured products structuring and trading group at Nomura Securities.
Mr. Rhodes has been a frequent speaker at industry conferences and is regularly quoted in investment journals.
8
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Tim Mortimer
Managing Director
Future Value Consultants
Tim Mortimer is Managing Director of Future Value Consultants, a research, product design and analytics
consultancy specialising in structuring products.
He has worked for 20 years in derivatives and structured products, previously as a Quantitative analyst at Paribas,
UBS and Zurich Capital Markets before founding FVC in 1998.
His experience includes model development and product structuring as well as the business, mathematical and
technical aspects of creating innovative services in the structured product market. His passion is for bringing
powerful and accessible tools which help the transparency and education process in financial markets.
9
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Market Linked Certificates of Deposit
Innovative ways to pursue your investment strategy
•Market Linked Certificates of Deposit (CDs) can provide a creative
solution for investors looking to gain access to the markets while reducing
their exposure to market risk when held to maturity.
Investors are challenged to find the
optimal balance between risk and reward
in their portfolios. One way to potentially
achieve growth while also reducing
market risk is to invest in a Market
Linked CD. Investing in Market Linked
CDs can be an effective strategy to
participate in the appreciation of various
asset classes while limiting downside
exposure when held to maturity.
•Before making an investment decision, please work with your financial advisor to
determine which investment products may be appropriate given your financial situation,
investment goals and risk profile. If you and your financial advisor determine that a Market
Linked CD investment may be suitable for your portfolio, this brochure will help you better
understand the potential benefits, risks, considerations and features associated with these
products.
•12
What are Market Linked Certificates of Deposit?
•Market Linked CDs provide for the return of your original deposit amount
at maturity while also offering the potential for capital appreciation based
on the performance of a specified market measure.
Wells Fargo Securities partners with Wells Fargo Bank and other FDIC insured
institutions (the Issuer) to issue Market Linked CDs. Unlike traditional CDs, Market
Linked CDs typically offer no fixed coupon and instead provide an interest payment at
maturity based on the performance of an underlying market measure. Market measures
may include, but are not limited to, equity indices such as the Standard & Poor’s (S&P)
500® Index or Russell 2000® Index, a basket of stocks, a basket of commodities or
commodity indices, a basket of currencies, or an inflation benchmark such as the
Consumer Price Index (CPI).
•Characteristics
•Maturity. Typically between two and 10 years
•Market measure. Linked to the performance of equities, currencies, commodities, interest
rates, or a combination of one or more asset classes
•Minimum investment. Available in increments of $1,000, typically with a $4,000 minimum
investment
•13
Advantages
•Some of the advantages of investing in a Market Linked CD include:
•Market risk reduction. Repayment of the original deposit amount, if held to maturity,
subject to the creditworthiness of the Issuer. FDIC insurance applies up to applicable limits
•Convenience. A single strategy designed to help protect against market risk losses if held to
maturity, while offering the opportunity to generate interest based on the performance of
various underlying asset classes, subject to creditworthiness of the Issuer
•Return diversification. Interest exposure to a variety of markets, including domestic and
international equities, commodities, currencies and fixed income
•Sophistication. Participation in investment opportunities that may otherwise be difficult to
replicate as an individual investor
•14
Risks and considerations
•As an investor, your should consider these risks when investing in Market
Linked CDs:
•Performance risk. While Market Linked CDs provide for a return of the deposit amount at maturity, there
is generally no assurance of any return above the deposit amount. The return generated by the Market
Linked CD, if any, may be less than the return that could have been achieved by investing directly in the
underlying market measure or in a conventional interest-bearing deposit with a similar maturity to the
Market Linked CD. The return of certain Market Linked CDs may be limited by a predetermined
maximum return.
•Liquidity risk. Investors may not have the right to withdraw the deposit amount of a Market Linked CD
prior to its maturity date. Market Linked CDs are only appropriate for investors who do not have liquidity
needs prior to maturity.
•Market risk. Investors may be unable to sell their Market Linked CDs prior to their maturity date and the
value of the Market Linked CDs prior to maturity will be affected by numerous factors. There is no
assurance that a secondary market will develop. If an investor chooses to sell a Market Linked CD prior to
maturity, assuming a buyer is available, the investor may receive substantially less in sale proceeds than
the deposit amount of the Market Linked CD.
•Costs. The inclusion of placement fees and structuring and development costs in the issue price of the
Market Linked CDs and certain hedging costs are likely to adversely affect the price at which investors can
sell their Market Linked CDs.
•15
Risks and considerations (continued)
•Credit risk. Although Market Linked CDs are FDIC-insured, any investment in a Market Linked CD that
exceeds the applicable FDIC insurance limits is subject to the credit risk of the Issuer.
o Insolvency of the Issuer may result in early payment of the CDs.
•
•Tax treatment. An investor who owns a Market Linked CD that is treated as a contingent payment debt
instrument will be required to pay taxes on imputed interest income at ordinary income-tax rates each
year over the term of the Market Linked CD, based on the Issuer’s estimated comparable yield, even
though the investor may not receive any interim interest payments. In addition, any gain or loss realized
upon sale, early redemption or at maturity of a contingent payment debt instrument will generally be
treated as ordinary income, based on the investor’s adjusted tax basis. This tax treatment applies unless
the investor owns the Market Linked CD in a qualified tax-exempt or tax-deferred account such as an IRA.
More information about tax consequences is available in the Disclosure Statement. For complete tax
advice, clients should consult their tax professionals.
•Call risk. A Market Linked CD may be callable at the option of the Issuer. If the Issuer exercises its call
right, it will pay the call price on the call date. The Issuer has no obligation to call a callable Market Linked
CD and any decision to call a callable Market Linked CD will be made in its sole discretion when it is most
advantageous for the Issuer to do so. If a Market Linked CD is called, it is possible that the investor may
not be able to reinvest the proceeds at the same or greater yield, which is described as reinvestment risk.
•16
Market Linked Certificate of Deposit features
•Terms of a Market Linked CD will vary from one offering to the next.
Potential investors must read the applicable Preliminary Terms Supplement
and Disclosure Statement and consider the following
•aspects of each Market Linked CD before investing.
Return of deposit amount at maturity. The investor
will receive at least 100% of the original deposit amount
at maturity, subject to the creditworthiness of the Issuer.
Supplemental interest payment calculation. There
are numerous ways that the performance of the market
measure can be calculated. The precise return
methodology of a particular Market Linked CD and
examples of calculations can be found in the Preliminary
Terms Supplement.
Minimum interest. Some Market Linked CDs may pay
a minimum interest amount at maturity with the
opportunity to earn a greater interest payment linked to
the performance of the underlying market measure.
•17
Market Linked Certificate of Deposit features (continued)
Estate feature. In the event of death of the beneficial owner of the Market Linked CD, the
estate feature allows the owner’s estate to redeem the Market Linked CD at par prior to
maturity.
FDIC insurance. The FDIC standard maximum deposit insurance amount (MDIA) is
$250,000 per depositor per FDIC-insured institution. The MDIA refers to all deposits held
by a depositor in the same account ownership category at a single FDIC-insured
institution. There is no maximum limit on the amount that may be deposited in Market
Linked CDs, but the FDIC deposit insurance only covers Market Linked CDs up to the
insurance limit, including the aggregate of the deposit amount and any interest that has
been finally determined, through the date of the insured bank’s closing. The FDIC has
taken the position that any interest that has not yet been ascertained or finally determined
and any secondary market premium paid by an investor above the deposit amount of the
CD are not insured by the FDIC. Furthermore, FDIC insurance does not apply to secondary
market trading losses. See “Deposit Insurance” in the Disclosure Statement.
•18
Return characteristics at maturity
•Unlike traditional certificates of deposit, Market Linked CDs typically do not offer a fixed rate of return.
Instead, Market Linked CDs offer an interest payment at maturity based on the performance of an
underlying market measure.
•Example 1: Price of market measure has decreased.
•All Market Linked CDs provide for the return of your
original deposit amount at maturity, subject to the
creditworthiness of the Issuer, even if the market measure
has decreased.
•Example 2: Price of market measure has increased.
•In addition to the deposit amount, investors have the
potential to receive an interest payment at maturity based on
the performance of the underlying market measure.
•The market linked interest payment is dependent upon the performance of the referenced underlying
asset and the return calculation. Each Market Linked CD is unique and you should thoroughly familiarize
yourself with all the terms and conditions (described in the Preliminary Terms Supplement and
Disclosure Statement) before making an investment decision.
•19
Value prior to maturity
•The value of a Market Linked CD will fluctuate between inception and maturity. Market linked CDs
provide for the return of the deposit amount only at maturity and selling a Market Linked CD prior to
maturity may result in a loss.
•The value of a Market Linked CD will depend on
many factors, such as underlying asset performance,
interest rates, market volatility and time remaining
to maturity. Notice that the value of a Market Linked
CD can be above or below par between inception and
maturity. If the Market Linked CD is sold prior to
maturity, you may receive substantially less in sale
proceeds than the original deposit amount.
•20
Who should consider investing in Market Linked Certificates of Deposit?
•Market Linked CDs can be used as an alternative to a direct investment, as part
of an overall asset allocation strategy, or as a portfolio risk-reduction tool.
•The volatility frequently associated with financial markets can make investors hesitant to
consider a direct investment in certain asset classes. Furthermore, it may be difficult for
individual investors to access particular asset classes and/or strategies directly. These issues
may lead investors to favor traditional fixed income investments, which are typically less
volatile than riskier asset classes. However, a portfolio that excludes these asset classes may
also reduce an investor’s long term growth potential.
•Market Linked CDs may be an alternative for investors who are seeking growth, but want to
reduce market risk within their portfolios. Market Linked CDs can help investors with both
of these goals by providing the opportunity to participate in market gains (equity,
commodity, foreign exchange or fixed income) while protecting against a decline in the
market measure at maturity, subject to the creditworthiness of the Issuer. In some cases,
Market Linked CDs can give investors access to markets that may be difficult for individual
investors to access directly.
•21
Who should consider investing in Market Linked Certificates of Deposit?
•Market Linked CDs may be an alternative for investors who:
o
Are risk-averse and want an investment that provides for the return of their original
deposit amount at maturity.
Seek exposure to a market measure, but understand that a Market Linked CD will
return only the deposit amount at maturity if the underlying performance is
negative, subject to the creditworthiness of the Issuer.
o
o
Do not anticipate the need for liquidity from the investment prior to maturity.
•
•After reviewing your investment objectives, risk preferences and market views, you may
determine that Market Linked CDs are suitable for your portfolio. For more information on
Market Linked CDs, please contact your Financial Advisor.
•22
About Wells Fargo Securities
•Wells Fargo Securities is a comprehensive, customer-focused capital markets and investment banking firm serving
corporations, financial institutions and public entities of all sizes throughout the United States, Latin America, Asia and
Europe. Wells Fargo Securities is a market leader in debt and equity underwriting, mergers and acquisitions, loan
syndications, debt and equity sales and trading, tax-exempt products, and research and economics.
•We strive to design innovative ways to help clients meet their investment goals. Our monthly calendar of offerings is
organized to allow investors to strategically allocate funds to investments that feature a range of maturities and investment
themes.
•A legacy of financial innovation
•Since 1852, Wells Fargo has helped generations of clients realize their dreams, beginning with the pivotal role we played in
building America. We are honored to be among a select few companies who have remained in the same business for more
than 150 years.
•Today, Wells Fargo & Company is a diversified financial services company with more than $1 trillion in assets, providing
banking, insurance, investments, mortgage and consumer finance through almost 11,000 Wells Fargo and Wachovia stores
and the internet (wellsfargo.com) across North America and internationally.
•Always read the Preliminary Terms Supplement and Disclosure Statement
•Market Linked CDs are offered with a Preliminary Terms Supplement and Disclosure Statement. Investors should read
and consider these two documents carefully before investing. Prior to investing, always consult your Financial Advisor to
understand the investment structure in detail.
•For more information about Market Linked CDs and what structures are currently available for investment, contact your
Financial Advisor who can advise you of whether or not a particular offering may meet your individual needs and
investment requirements.
•23
•A sale of a Market Linked CD prior to maturity is subject to market value fluctuation such that proceeds from the sale could be substantially less than the original
deposit amount. The Market Linked CD may not be a suitable investment for all investors. In particular, no investor should purchase a Market Linked CD unless they
understand and are able to bear the associated market, liquidity and yield risks. Investors should also understand the credit risk associated with the issuer of the
Market Linked CDs. If the market linked component of the Market Linked CD does not appreciate, an investor will only receive the original deposit amount at
maturity subject to the creditworthiness of the issuer (unless a minimum return is specified) and lose the time value of money. See offering terms supplement and
disclosure statement for further details.
•Wells Fargo Securities is the trade name for certain capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells
Fargo Securities, LLC, a member of NYSE, FINRA, and SIPC, Wells Fargo Institutional Securities, LLC a member of FINRA and SIPC, and Wells Fargo Bank, National
Association. Wells Fargo cannot provide tax advice. Please see your tax advisor to determine how this information may apply to your own situation. Indexes represent
securities widely held by investors. You cannot invest directly in an index. “Standard & Poor’s®,” “S&P®,” “S&P 500®,” “Standard & Poor’s 500®,” and “500®” are
trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Wells Fargo. Any Market Linked CDs based on the performance of the S&P 500
Index are not sponsored, endorsed, sold, or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in
the Market Linked CDs. “Russell 2000®” is a trademark of Frank Russell Company, doing business as Russell Investment Group (“Russell”), and has been licensed
for use by an affiliate of the Bank. The CDs, based on the performance of the Russell 2000 Index, are not sponsored, endorsed, sold or promoted by Russell and
Russell makes no representation regarding the advisability of investing in the CDs. Investing in foreign securities presents certain risks that may not be present in
domestic securities, including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxation, and
differences in auditing and other financial standards. These risks are generally intensified in emerging markets.
•Brokerage services are offered by Wells Fargo Advisors, LLC. Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo
Advisors, LLC and Wells Fargo Advisors Financial Network, LLC. Wells Fargo Advisors is a member SIPC and non-bank affiliate of Wells Fargo & Company.
•© 2012 Wells Fargo Securities. All rights reserved.
•24
Customized Investment Solutions
•Wells Fargo Securities
•45 Fremont Street, 34th Floor
•San Francisco, CA 94105
•877-316-9039
•[email protected]
•
Typical pricing terms for
US market linked CDs
Tim Mortimer
Future Value Consultants
[email protected]
A comparison between 2010 and 2012
2010
2012
Risk-free rate
1.79%
0.76%
Credit spread
1.29%
1.44%
Volatility
24.00%
21.47%
Div yield
2.40%
2.52%
• We will examine the effect on the pricing of
five year market linked CDs
• The risk free rate has fallen considerably and
volatility levels are also down over the last two years
Participation rates
2010
2012
Zero coupon bond
85.7%
89.6%
Amount to spend
10.3%
6.4%
Unit call option
16.6%
12.8%
Participation
61.9%
50.4%
• Because of the fall in the risk-free rate the cost of
the zero-coupon bond has increased. This
dramatically reduces the amount available to spend.
• Even though volatility is down making call options
cheaper the participation rate is much reduced
Other solutions
Product type
Participation
Call on SPX
50%
Call on quarterly average of SPX
82%
Call on SPX 10% vol index
60%
• The best participation can be achieved by a
quarterly average over the five year term.
• The participation of the volatility controlled version
of the SPX-500 is also higher
Measuring performance
• High participation is of no use unless the
underlying or strategy performs well
120
SPX
100
SPX average
SPX 10% vol
80
60
40
Index
Return %
SPX
-4.02
SPX average
-18.40
SPX 10% vol
12.06
20
0
06-Aug-07
18-Dec-08
02-May-10
Source: Thomson Reuters / S&P
14-Sep-11
26-Jan-13
Structured Edge
run by FVC in
association with
Numerix
The only independent
research & analysis
service for US Retail
Structured Products
For more information
please visit
www.structurededge.com
Structured product
reporting
Each year thousands of
products are issued in the US
market. Structured Edge
analyzes each product and
publishes scores for price,
returns and risk
These enable rankings and
comparisons to be made across
the market
This service can be used to
discern market trends such as
those discussed today
Thank you for joining us…
Contact Us
Want More?
Bernd Henseler
S&P Dow Jones Indices
[email protected]
Click on the widget at the bottom of your screen and
visit www.spdji.com/spindices
Keith Styrcula
Structured Products Association
[email protected]
Cary Immesoete
Wells Fargo
[email protected]
Look out for complimentary copies of the following
publications in our “Thank You” email.
Eric Miller
HSBC Bank USA
[email protected]
•
Market Attributes: U.S. Equities
•
Market Attributes: Commodities
Deryk Rhodes
Incapital, LLC
[email protected]
Tim Mortimer
Please click on the widget at the bottom of your screen to
complete the survey. Your feedback is important to us.
Future Value Consultants
[email protected]
To find out about upcoming events and to listen to webinar replays, please visit
www.spindices.com/events/sp-webinar
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