Published on 8/17/2020 in the Prospect News Structured Products Daily.
Wells Fargo amends coupon for $1.62 million contingent market-linked callables on Stoxx, Russell
By Sarah Lizee
Olympia, Wash., Aug. 17 – Wells Fargo Finance LLC amended the coupon for its $1.62 million of market-linked securities due March 4, 2030 – callable with contingent coupon and contingent downside linked to the least performing of the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Wells Fargo & Co.
The notes will pay a contingent quarterly coupon at an annual rate of 8.9% if each index closes at or above its 75% coupon threshold on the observation date for that period.
The notes are callable at par on any coupon payment date starting after one year.
The payout at maturity will be par unless either index finishes below its 65% downside threshold, in which case investors will lose 1% for every 1% decline of the lesser performing index.
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 – callable with contingent coupon and contingent downside
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| Underlying indexes: | Euro Stoxx 50 index, Russell 2000 index
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| Amount: | $1,615,000
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| Maturity: | March 4, 2030
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| Coupon: | 8.9% annualized, payable quarterly if each index closes at or above coupon threshold on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless either index falls by more than downside threshold, in which case 1% loss per 1% decline of worst performing index
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| Call: | Callable at par on any coupon payment date starting after one year
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| Initial levels: | 1552.761 for Russell, 3577.68 for Stoxx
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| Coupon thresholds: | 1164.57075 for Russell, 2683.26 for Stoxx, 75% of initial levels
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| Downside thresholds: | 1009.29465 for Russell, 2325.492 for Stoxx, 65% of initial levels
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| Pricing date: | Feb. 27
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| Settlement date: | March 3
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 3.6%
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| Cusip: | 95001HG21
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