Published on 2/27/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $2 million market-linked notes on S&P 500, Russell
By Susanna Moon
Chicago, Feb. 27 – Wells Fargo & Co. priced $2 million of market-linked securities – callable with contingent coupon and contingent downside – due Dec. 3, 2018 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 6.95% if each index closes at or above its coupon threshold, 70% of its initial level, on an observation date for that month.
The notes are callable at par on any monthly observation date after six months.
The payout at maturity will be par unless either index finishes below its 70% 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.
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| Issue: | Market-linked securities – callable with contingent coupon and contingent downside
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| Underlying indexes: | S&P 500, Russell 2000
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| Amount: | $2 million
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| Maturity: | Dec. 3, 2018
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| Coupon: | 6.95%, payable monthly if each index closes at or above its 70% coupon threshold on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless either index closes below 70% downside threshold, in which case full exposure to any losses of worse performing index
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| Initial levels: | 2,363.81 for S&P, 1,394.623 for Russell
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| Thresholds: | 1,654.667 for S&P, 976.2361 for Russell; 70% of initial levels
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| Call option: | At par on any monthly observation date after six months
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| Pricing date: | Feb. 23
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| Settlement date: | March 2
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| Agent: | Wells Fargo Securities LLC
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| Fees: | None
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| Cusip: | 94986R4S7
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