By Wendy Van Sickle
Columbus, Ohio, Nov. 9 – Wells Fargo & Co. priced $3.45 million of market linked securities – autocallable with contingent coupon and contingent downside due Nov. 13, 2024 linked to the lesser performing of the common stocks of General Motors Co. and Ford Motor Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if the lower performing stock closes at or above its 60% threshold on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any quarterly observation date from November 2018 to August 2024.
The payout at maturity will be par unless either stock finishes below its 60% threshold, in which case the payout will be par plus the return of the worse performing stock with full exposure to any losses.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Wells Fargo & Co.
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| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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| Underlying stocks: | General Motors Co. and Ford Motor Co.
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| Amount: | $3.45 million
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| Maturity: | Nov. 13, 2024
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| Coupon: | 10%, payable quarterly if each stock 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 either stock falls by more than 60%, in which case full exposure to any losses of worse performing stock
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| Call: | At par if each stock closes at or above its initial level on any quarterly observation date from November 2018 to August 2024
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| Initial levels: | $12.16 for Ford, $41.70 for GM
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| Thresholds: | $7.296 for Ford, $25.02 for GM, 60% of initial levels
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| Pricing date: | Nov. 7
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| Settlement date: | Nov. 10
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 3.851%
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| Cusip: | 95000E4D8
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