Wells Fargo to price autocallable access notes tied to Russell 2000

By Toni Weeks

San Luis Obispo, Calif., Feb. 27 - Wells Fargo & Co. plans to price autocallable access securities with contingent coupon and contingent downside due March 2, 2016 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent coupon at an annualized rate of 5.3% to 5.5% if the closing level of the index is greater than or equal to the threshold level, 70% of the initial level, on any quarterly calculation date. The exact coupon will be set at pricing. Interest is payable quarterly.

The notes will be automatically called at par plus accrued interest if the index closes at or above the initial level on any of the first seven quarterly calculation dates.

If the notes are not called and the index's final level is at least 70% of the initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the index decline from the initial level.

The notes (Cusip: 94986RTB7) are expected to settle March 4.

Wells Fargo Securities, LLC is the agent.

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