Published on 7/5/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $5.35 million market-linked autocallables on Russell, Stoxx
By Wendy Van Sickle
Columbus, Ohio, July 5 – Wells Fargo & Co. priced $5.35 million of 0% market linked securities – autocallable with contingent coupon and contingent downside due July 2, 2027 linked to the lower performing of the Russell 2000 index and the Euro Stoxx 50 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 8% if each index closes at or above the 70% 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 after one year.
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: | Euro Stoxx 50, Russell 2000
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| Amount: | $5,351,000
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| Maturity: | July 2, 2027
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| Coupon: | 8% annualized, payable quarterly if each index closes at or above 70% 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 after one year
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| Initial index levels: | 3,538.32 for Stoxx, 1,403.522 for Russell,
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| Coupon thresholds: | 2,476.824 for Stoxx, 982.4654 for Russell, 70% of initial levels
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| Downside thresholds: | 1,769.16 for Stoxx, 701.761 for Russell, 50% of initial levels
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| Pricing date: | June 27
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| Settlement date: | June 30
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 4%
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| Cusip: | 94986R6S5
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