Published on 5/9/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $2.5 million market-linked autocallables on indexes
By Wendy Van Sickle
Columbus, Ohio, May 9 – Wells Fargo & Co. priced $2.5 million of 0% market linked securities – autocallable with contingent coupon and contingent downside due May 14, 2027 linked to the lower 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 quarterly coupon at an annual rate of 6.2% if each index closes at or above the 60% threshold on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly review date after a year.
The payout at maturity will be par unless either index falls below the 60% threshold, in which case investors will be exposed to any losses of the worst performing index.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
|
| Underlying indexes: | S&P 500, Russell 2000
|
| Amount: | $2.5 million
|
| Maturity: | May 14, 2027
|
| Coupon: | 6% annualized, payable quarterly if each index closes at or above 60% threshold on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index falls by more than 40%, in which case fully exposure to any losses of worst performing index
|
| Call: | At par if each index closes at or above its initial level on any quarterly observation date from May 2018 to February 2027
|
| Initial index levels: | 2,399.29 for S&P, 1,396.995 for Russell,
|
| Threshold levels: | 1,439.574 for S&P, 838.197 for Russell, 60% of initial levels
|
| Pricing date: | May 5
|
| Settlement date: | May 16
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 3.35%
|
| Cusip: | 94986R6C0
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
