Published on 3/2/2020 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $6.91 million market-linked autocalls on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, March 2 – Wells Fargo Finance LLC priced $6.91 million of 5% market-linked securities due March 8, 2022 – autocallable with fixed coupon and downside with multiplier linked to the least performing of the S&P 500 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Wells Fargo & Co.
Interest is payable semiannually.
The notes will be automatically called at par plus the coupon if the least performing index closes above its initial level on any semiannual call date after one year.
The payout at maturity will be par unless either index finishes below its 80% buffer, in which case investors will lose 1.25% for each 1% loss beyond 20%.
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: | Market linked securities – autocallable with fixed coupon and downside with multiplier
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| Underlying indexes: | S&P 500 index and Russell 2000 index
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| Amount: | $6,905,000
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| Maturity: | March 8, 2022
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| Coupon: | 5% per year, payable semiannually
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| Price: | Par
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| Payout at maturity: | Par unless either index falls below buffer level, in which case 1.25% loss per 1% decline of worse performing index beyond 20%
|
| Call: | At par plus coupon if the least performing index closes above its initial level on any semiannual call date after one year
|
| Initial levels: | 3,116.39 for S&P, 1,552.761 for Russell
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| Buffer levels: | 2,493.112, for S&P, 1,242.2088 for Russell; 80% of initial levels
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| Pricing date: | Feb. 26
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| Settlement date: | March 2
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 0.05%
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| Cusip: | 95001HFX4
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