Published on 1/2/2019 in the Prospect News Structured Products Daily.
New Issue: Wells prices $450,000 market-linked autocalls on Financial Select Sector
By Sarah Lizee
Olympia, Wash., Jan. 2 – Wells Fargo & Co. priced $450,000 of market-linked securities due Jan. 3, 2022 – autocallable with fixed percentage buffered downside 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 annual call premium of 8.45% if the fund closes at or above its initial level on Jan. 3, 2020, Jan. 4, 2021 or Dec. 27, 2021.
If the notes are not called, the payout at maturity will be par unless the fund finishes below 90% of its initial level, in which case investors will be exposed to any decline beyond the 10% buffer.
Wells Fargo Securities LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Market-linked securities – autocallable with fixed percentage buffered downside
|
| Underlying ETF: | Financial Select Sector SPDR Fund
|
| Amount: | $450,000
|
| Maturity: | Jan. 3, 2022
|
| Coupon: | 0%
|
| Price: | Par
|
| Call: | At par plus an annual call premium of 8.45% if the fund closes at or above its initial level on Jan. 3, 2020, Jan. 4, 2021 or Dec. 27, 2021
|
| Payout at maturity: | Par unless the ETF finishes below 90% of its initial level, in which case exposure to any decline beyond the 10% buffer
|
| Initial level: | $23.59
|
| Buffer level: | $21.231, 90% of initial price
|
| Pricing date: | Dec. 28
|
| Settlement date: | Jan. 3
|
| Agents: | Wells Fargo Securities, LLC
|
| Fees: | 1.825%
|
| Cusip: | 95001BB52
|
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