Published on 5/19/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $1.25 million market-linked autocallables on Russell, S&P 500
By Susanna Moon
Chicago, May 19 – Wells Fargo & Co. priced $1.25 million of 0% market linked securities – autocallable with contingent coupon and contingent downside due May 18, 2027 linked to the lower performing of the Russell 2000 index and the S&P 500 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 5.35% if each index closes at or above the 50% coupon 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 from May 2018 to February 2027.
The payout at maturity will be par unless any index falls below the 50% downside threshold, in which case investors will be exposed to any losses of the worse performing index.
| Issuer: | Wells Fargo & Co.
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| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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| Underlying indexes: | S&P 500, Russell 2000
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| Amount: | $1.25 million
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| Maturity: | May 14, 2027
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| Coupon: | 5.35% annualized, payable quarterly if each index closes at or above 50% coupon threshold on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either index falls by more than 50%, in which case fully exposure to any losses of worst performing index
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| Call: | At par if each index closes at or above its initial level on any quarterly observation date from May 2018 to February 2027
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| Initial levels: | 2,399.63 for S&P, 1,399.589 for Russell,
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| Thresholds: | 1,199.815 for S&P, 699.7945 for Russell, 50% of initial levels
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| Pricing date: | May 10
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| Settlement date: | May 15
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 3.35%
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| Cusip: | 94986R6D8
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