Published on 11/9/2018 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $775,000 callable market-linked contingent notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Nov. 9 – Wells Fargo & Co. priced $775,000 of market-linked securities due Nov. 2, 2023 – callable with contingent coupon and contingent downside linked to the least performing of the S&P 500 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 quarterly coupon at an annual rate of 9.8% if each index closes at or above its 70% coupon threshold on the observation date for that quarter.
Wells Fargo may call the notes in whole at par quarterly after six months.
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: | S&P 500 index, Russell 2000 index and Nasdaq-100
|
| Amount: | $775,000
|
| Maturity: | Nov. 2, 2023
|
| Coupon: | 9.8% annualized, payable quarterly if each index closes at or above 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: | In whole at par quarterly after six months
|
| Initial levels: | 2,711.74 for S&P, 6,967.096 for Nasdaq, 1,511.413 for Russell
|
| Coupon thresholds: | 1,898.218 for S&P, 4,876.9672 for Nasdaq, 1,057.9891 for Russell, 70% of initial levels
|
| Downside thresholds: | 1,627.044 for S&P, 4,180.2576 for Nasdaq, 906.8478 for Russell, 60% of initial levels
|
| Pricing date: | Oct. 31
|
| Settlement date: | Nov. 5
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 0.25%
|
| Cusip: | 95001BAR5
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
