Published on 12/6/2018 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $3.12 million contingent market-linked autocalls tied to Russell, S&P, Stoxx
By Wendy Van Sickle
Columbus, Ohio, Dec. 6 – Wells Fargo & Co. priced $3.12 million of market-linked securities due Nov. 30, 2022 – autocallable with contingent coupon and contingent downside linked to the least performing of the Russell 2000 index, the S&P 500 index and the Euro Stoxx 50 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 10.1% if each index closes at or above its 75% coupon threshold on the observation date for that period.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless any index finishes below its 75% 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.
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| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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| Underlying indexes: | S&P 500 index, Euro Stoxx 50 index, Russell, 2000 index
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| Amount: | $3.12 million
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| Maturity: | Nov. 30, 2022
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| Coupon: | 10.1% annualized, payable quarterly if each index closes at or above coupon threshold on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any index falls by more than 25%, in which case 1% loss per 1% decline of worst performing index
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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: | 2,737.76 for S&P 500, 3,174.16 for Euro Stoxx 50, 1,525.387 for Russell
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| Coupon/downside thresholds: | 2,053.32 for S&P, 2,380.62 for Stoxx, 1,144.04025 for Russell, 75% of initial levels
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| Pricing date: | Nov. 29
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| Settlement date: | Dec. 4
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 1.575%
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| Cusip: | 95001BAP9
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