Published on 8/30/2018 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $2.93 million range accrual market-linked buffer callables on Russell
By Wendy Van Sickle
Columbus, Ohio, Aug. 30 – Wells Fargo & Co. priced $2.93 million 0% market linked securities – callable range accrual securities with fixed percentage buffered downside due Aug. 31, 2023 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at a rate of 5.05% for each day that the index closes at or above its 80% threshold, payable monthly.
The notes are callable at par on any interest payment date after one year.
The payout at maturity will be par unless the index falls by more than 20%, in which case investors will be exposed to any losses beyond the buffer.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Callable range accrual securities with fixed percentage buffered downside
|
| Underlying index: | Russell 2000
|
| Amount: | $2,933,000
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| Maturity: | Aug. 31, 2023
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| Coupon: | 5.05% annualized for each day that index closes at or above threshold; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless index falls by more than 20%, in which case exposure to losses beyond 20%
|
| Call option: | At par on any interest payment date after a year
|
| Initial level: | 1,728.422
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| Threshold: | 1,382.7376, 80% of initial level
|
| Pricing date: | Aug. 28
|
| Settlement date: | Aug. 31
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| Agent: | Wells Fargo Securities, LLC
|
| Fees: | 3.5%
|
| Cusip: | 95001B5W0
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