Published on 1/30/2018 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $4 million 6.75% contingent market-linked callables on indexes
By Susanna Moon
Chicago, Jan. 30 – Wells Fargo & Co. priced $4 million of market-linked securities due Dec. 29, 2021 – 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 monthly coupon at an annual rate of 6.75% if each index closes at or above its 70% threshold on the observation date for that month.
The notes are callable at par on any quarterly observation date six months.
The payout at maturity will be par unless either index finishes below its 70% threshold, 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 and Russell 2000
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| Amount: | $4 million
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| Maturity: | Jan. 27, 2020
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| Coupon: | 6.75% annualized, payable monthly if each index closes at or above 70% threshold on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless either index falls by more than 30%, in which case 1% loss per 1% decline of worse performing index
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| Call option: | At par on any interest payment date beginning in July 2018
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| Initial levels: | 2,832.97 for S&P, 1,605.165 for Russell
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| Thresholds: | 1,983.079 for S&P, 1,123.6155 for Russell; 70% of initial levels
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| Pricing date: | Jan. 22
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| Settlement date: | Jan. 29
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| Agent: | Wells Fargo Securities LLC
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| Fees: | None
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| Cusip: | 95000E5N5
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