Published on 6/20/2018 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $1.5 million 7% contingent market-linked callables tied to indexes
By Wendy Van Sickle
Columbus, Ohio, June 20 – Wells Fargo & Co. priced $1.5 million of market-linked securities due June 19, 2023 – callable with contingent coupon and contingent downside linked to the least performing of the Euro Stoxx 50 index, the Russell 2000 index and the Nasdaq-100 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 7% if each index closes at or above its 65% downside threshold on the observation date for that month.
The notes are callable at par on any y observation date after one year.
The payout at maturity will be par unless any index finishes below its downside threshold, in which case the payout will be par plus the return of the worst 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: | Euro Stoxx 50 index, Russell 2000 index and Nasdaq-100 index
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| Amount: | $1.5 million
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| Maturity: | June 19, 2023
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| Coupon: | 7% annualized, payable monthly if each index closes at or above downside threshold on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless any index falls by more than 35%, in which case 1% loss per 1% decline of worst performing index
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| Call option: | At par on any interest payment date after one year
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| Initial levels: | 3,527.11 for Stoxx, 1,684.725 for Russell and 7,279.592 for Nasdaq
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| Downside thresholds: | 2,292.6215 for Stoxx, 1,095.07125 for Russell and 4,731.7348 for Nasdaq; 65% of initial levels
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| Pricing date: | June 14
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| Settlement date: | June 19
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 4.25%
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| Cusip: | 95001B4N1
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