Published on 11/4/2016 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $2.93 million market-linked notes on Stoxx, Russell
By Marisa Wong
Morgantown, W.Va., Nov. 4 – Wells Fargo & Co. priced $2.93 million of market-linked securities– autocallable with contingent coupon and contingent downside – due Nov. 2, 2026 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 will pay a contingent quarterly coupon at an annual rate of 9% if each index closes at or above its coupon threshold level, 70% of its initial level, on a quarterly observation date.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless either index finishes below its 50% downside threshold level, in which case the payout will be par plus the return of the worse performing index with full exposure to any losses.
Wells Fargo Securities LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Market-linked securities – autocallable with contingent coupon and contingent downside
|
| Underlying indexes: | Euro Stoxx 50, Russell 2000
|
| Amount: | $2,932,000
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| Maturity: | Nov. 2, 2026
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| Coupon: | 9%, payable quarterly if each index closes at or above its coupon threshold on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index closes below 50% downside threshold, in which case full exposure to any losses of worse performing index
|
| Initial levels: | 3,085.17 for Stoxx, 1,189.947 for Russell
|
| Coupon thresholds: | 2,159.619 for Stoxx, 832.9629 for Russell; 70% of initial levels
|
| Downside thresholds: | 1,542.585 for Stoxx, 594.9735 for Russell; 50% of initial levels
|
| Call: | At par if each index closes at or above its initial level on any quarterly observation date after six months
|
| Pricing date: | Oct. 27
|
| Settlement date: | Oct. 31
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 3.6%
|
| Cusip: | 94986RZ61
|
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