Wells Fargo plans 5%-6% contingent coupon callables tied to indexes

By Susanna Moon

Chicago, Sept. 19 – Wells Fargo & Co. plans to price market-linked securities due Sept. 28, 2023 – 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 quarterly coupon at an annual rate of 5% to 6% if each index closes at or above its 60% coupon threshold on the observation date for that quarter.

The notes are callable at par on any quarterly observation date after six months.

The payout at maturity will be par unless either index finishes below its 60% 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 Sept. 25.

The Cusip number is 95001B6M1.

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