Published on 9/18/2018 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $7.5 million contingent 6.16% market-linked autocalls tied to indexes
By Wendy Van Sickle
Columbus, Ohio, Sept. 18 – Wells Fargo & Co. priced $7.5 million of 6.16% market-linked securities due Sept. 11, 2020 – autocallable with fixed coupon and buffered downside with multiplier 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.
Interest is payable semiannually.
The notes will be called at par if each index closes at or above its initial level on any semiannual observation date after six months.
The payout at maturity will be par unless either index finishes below its downside threshold, in which case investors will lose 1.25% for each 1% loss beyond 20%.
Wells Fargo Securities LLC is the agent.
Issuer: | Wells Fargo & Co.
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Issue: | Market linked securities – autocallable with fixed coupon and buffered downside with multiplier
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Underlying indexes: | S&P 500 index, Russell 2000 index
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Amount: | $7,496,000
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Maturity: | Sept. 11, 2020
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Coupon: | 6.16% annualized, payable semiannually
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Price: | Par
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Payout at maturity: | Par unless either index falls by more than 20%, in which case 1.25% loss per 1% decline of worst performing index beyond 20%
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Call: | At par if each index closes at or above its initial level on any interest payment date after six months
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Initial levels: | 2,878.05 for S&P, 1,714.468for Russell
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Downside thresholds: | 2,302.44 for S&P, 1,371.5744 for Russell, 80% of initial levels
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Pricing date: | Sept. 6
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Settlement date: | Sept. 11
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Agent: | Wells Fargo Securities LLC
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Fees: | 0.5%
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Cusip: | 95001B6V1
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