New Issue: Wells Fargo prices $514,000 contingent coupon market-linked callables on three indexes

By Susanna Moon

Chicago, Sept. 24 – Wells Fargo & Co. priced $514,000 of market-linked securities due Sept. 18, 2023 – callable with contingent coupon and contingent downside linked to the least performing of the S&P 500 index, Dow Jones industrial average 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 if each index closes at or above its 65% coupon threshold on the observation date for that quarter. The contingent coupon will be 6.3% for the first year, stepping up to 7.3% in December 2019, to 8.3% in December 2020, to 9.3% in December 2021 and to 10.3% in December 2022.

The notes are callable at par on any observation date after one year.

The payout at maturity will be par unless any index finishes below its 60% 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.
Issue:	Market linked securities – callable with contingent coupon and contingent downside
Underlying indexes:	Dow Jones industrial average, S&P 500 index, Russell 2000 index
Amount:	$514,000
Maturity:	Sept. 18, 2023
Coupon:	6.3% annualized for year 1, stepping up to 7.3% for year 2, to 8.3% for year 3, to 9.3% for year 4 and to 10.3% for year 5, payable quarterly, if each index closes at or above 65% coupon threshold on observation date for that quarter
Price:	Par
Payout at maturity:	Par unless any index falls by more than 40%, in which case 1% loss per 1% decline of worst performing index
Call option:	At par on any interest payment date after one year
Initial levels:	25,998.92 for Dow, 1,715.696 for Russell and 2,888.92 for S&P
Coupon thresholds:	16,899.298 for Dow, 1,115.2024 for Russell and 1,877.798 for S&P, 65% of initial levels
Downside thresholds:	15,599.352 for Dow, 1,029.4176 for Russell and 1,733.352 for S&P, 60% of initial levels
Pricing date:	Sept. 12
Settlement date:	Sept. 17
Agent:	Wells Fargo Securities LLC
Fees:	1.375%
Cusip:	95001B6Y5

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