Published on 8/11/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $3 million market-tied autocallables on three indexes
By Susanna Moon
Chicago, Aug. 11 – Wells Fargo & Co. priced $3 million of 0% market linked securities – autocallable with contingent coupon and contingent downside due Aug. 9, 2027 linked to the Russell 2000 index, the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7% if each index closes at or above the 60% threshold on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly review date after one year.
The payout at maturity will be par unless any index falls below the 60% threshold, in which case investors will be exposed to any losses of the worst performing index.
| Issuer: | Wells Fargo & Co.
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| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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| Underlying indexes: | Russell 2000 index, S&P 500 index and Euro Stoxx 50 index
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| Amount: | $3 million
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| Maturity: | Aug. 9, 2027
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| Coupon: | 7% annualized, payable quarterly if each index closes at or above 60% threshold on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any index falls by more than 40%, in which 1% loss for each 1% decline of worst performing index
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| Call: | At par if each index closes at or above its initial level on any quarterly observation date from August 2018 to May 2027
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| Initial levels: | 1,412.321 for Russell, 2,476.83 for S&P and 3,507.41 for Stoxx
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| Thresholds: | 847.3926 for Russell, 1,486.098 for S&P and 2,104.446 for Stoxx; 60% of initial levels
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| Pricing date: | Aug. 4
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| Settlement date: | Aug. 9
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 3.85%
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| Cusip: | 95000E2K4
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