Published on 3/4/2020 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $2.11 million enhanced return notes linked to basket
By Kiku Steinfeld
Chicago, March. 4 – Wells Fargo Finance LLC priced $2.11 million of 0% enhanced return securities with capped upside and 1-to-1 downside exposure due Aug. 30, 2021 linked to a unequally weighted basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index with a 36% weight, the Topix index with a 27% weight, the FTSE 100 index with a 19% weight, the Swiss Market index with a 10% weight and the S&P/ASX 200 index with an 8% weight.
The payout at maturity will be par plus 400% of any basket gain, subject to a maximum return of $1,296 per $1,000 of notes.
Investors will lose 1% for each 1% decline of the index from its initial level.
The notes are guaranteed by Wells Fargo & Co.
Wells Fargo Securities, LLC is the agent.
Issuer: | Wells Fargo Finance LLC
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Guarantor: | Wells Fargo & Co.
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Issue: | Enhanced return securities with capped upside and 1-to-1 downside exposure
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Underlying basket: | Euro Stoxx 50 (36% weight), Topix (27% weight), FTSE 100 (19% weight), Swiss Market (10% weight) and S&P/ASX 200 (8% weight)
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Amount: | $2,108,000
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Maturity: | Aug. 30, 2021
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Coupon: | 0%
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Price: | Par of $1,000
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Payout at maturity: | Par plus 400% of any basket gain, up to $1,296 per $1,000 note; 1% loss for each 1% decline of index from its initial level
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Initial levels: | 3,577.68 for Euro Stoxx, 1,606.17 for Topix, 7,042.47 for FTSE, 10,512.15 for Swiss Market, 6,708.103 for S&P/ASX
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Pricing date: | Feb. 26
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Settlement date: | March 4
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Agent: | Wells Fargo Securities, LLC
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Fees: | 1.51%
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Cusip: | 95001HFE6
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