Wells Fargo eyes leveraged upside participation notes on S&P, Russell

By Sarah Lizee

Olympia, Wash., April 8 – Wells Fargo Finance LLC plans to price 0% market-linked securities with leveraged upside participation to a cap and fixed percentage buffered downside due Nov. 3, 2021 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Wells Fargo & Co.

If the final level of the lesser performing index is greater than the initial index level, the payout at maturity will be par plus at least 200% of the index return, capped at par plus 30% to 35%. The exact participation rate and cap will be set at pricing.

If the final level of the lesser performing index is less than or equal to the initial index level but greater than or equal to the threshold level, 90% of the initial index level, the payout will be par.

If the final level of the lesser performing index is less than the threshold level, investors will lose 1% for every 1% that it declines below the threshold level.

Wells Fargo Securities LLC is the agent.

The notes will price April 29.

The Cusip number is 95001H4P3.

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