Wells Fargo plans autocallables on Financial Select Sector SPDR fund

By Devika Patel

Knoxville, Tenn., Dec. 10 – Wells Fargo & Co. plans to price 0% market-linked securities – autocallable with fixed percentage buffered downside due Jan. 3, 2022 linked to the Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus an annualized call premium of 7% to 8% if the fund closes at or above the initial level on Jan. 3, 2020, Jan. 4, 2021 or Dec. 27, 2021. The exact call premium will be set at pricing.

If the fund finishes above its initial level, investors will receive par plus the final call premium of 21% to 24%. The exact final call premium will be set at pricing.

If the fund declines by up to 10%, the payout at maturity will be par.

Otherwise, investors will lose 1% for every 1% decline beyond 10%.

Wells Fargo Securities, LLC is the agent.

The notes (Cusip: 95001BB52) will price Dec. 28 and settle Jan. 3.

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