Wells Fargo plans market-linked callable notes tied to S&P, Russell

By Tali Rackner

Minneapolis, June 23 – Wells Fargo & Co. plans to price market-linked securities due July 2, 2027 –callable with contingent coupon and contingent downside 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 quarterly coupon at an annual rate of at least 8.25% if each index closes at or above its 65% coupon threshold on the observation date for that quarter.

The notes are callable at par on any quarterly observation date after one year.

The payout at maturity will be par unless either index finishes below its 50% downside threshold, in which case the payout will be par plus the return of the lesser-performing index with full exposure to any losses.

Wells Fargo Securities LLC is the agent.

The notes will price June 26 and settle on June 29.

The Cusip number is 94986R6W6.

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