Published on 3/22/2019 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $1.14 million callable market-linked contingent notes on indexes
By Wendy Van Sickle
Columbus, Ohio, March 22 – Wells Fargo Finance LLC priced $1.14 million of market-linked securities due March 23, 2029 – callable with contingent coupon and contingent downside linked to the least performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Wells Fargo & Co.
The notes will pay a contingent quarterly coupon if each index closes at or above its 75% coupon threshold on the observation date for that period. The coupon will be 9% per year.
Wells Fargo may call the notes in whole at par quarterly 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 Finance LLC
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| Guarantor: | Wells Fargo & Co.
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| Issue: | Market linked securities – callable with contingent coupon and contingent downside
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| Underlying indexes: | S&P 500 index, Russell 2000 index and Euro Stoxx 50
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| Amount: | $1,138,000
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| Maturity: | March 23, 2029
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| Coupon: | 9% per year, payable quarterly if each index closes at or above coupon threshold on observation date for that period
|
| 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 one year
|
| Initial levels: | 2,824.23 for S&P, 3,372.38 for Stoxx, 1,543.159 for Russell
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| Coupon thresholds: | 2,118.1725 for S&P, 2,529.285 for Stoxx, 1,157.36925 for Russell, 75% of initial levels
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| Downside thresholds: | 1,694.538 for S&P, 2,023.428 for Stoxx, 925.8954 for Russell, 60% of initial levels
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| Pricing date: | March 20
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| Settlement date: | March 25
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 4.28691%
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| Cusip: | 95001H3V1
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