Wells Fargo plans 5%-6% contingent market-linked autocalls on indexes

By Susanna Moon

Chicago, May 11 – Wells Fargo & Co. plans to price market-linked securities due May 30, 2023 – autocallable with contingent coupon and contingent downside linked to the lesser 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 5% to 6% if each index closes at or above its 65% 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 observation date after one year.

The payout at maturity will be par unless either index finishes below its 65% downside 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.

The notes will price on May 24.

The Cusip number is 95001B3Q5.

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