Published on 5/28/2019 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $450,000 contingent coupon notes linked to indexes
By Angela McDaniels
Tacoma, Wash., May 28 – Wells Fargo & Co. priced $450,000 of callable market-linked securities with contingent coupon and contingent downside due May 29, 2029 linked to the lowest performing of the Euro Stoxx 50 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 10.9% per year if each index closes at or above its threshold level, 70% of its initial level, on the calculation day for that quarter.
If each index’s final level is greater than or equal to its threshold level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final level of the worst-performing index is less than its initial index level.
The notes are callable quarterly at par.
Wells Fargo Securities LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Callable market-linked securities with contingent coupon and contingent downside
|
| Underlying indexes: | Euro Stoxx 50, Russell 2000 and Nasdaq-100
|
| Amount: | $450,000
|
| Maturity: | May 29, 2029
|
| Coupon: | 10.9% per year, payable quarterly if each index closes at or above threshold level on calculation day for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above threshold level, par; otherwise, 1% loss for every 1% that worst-performing index’s final level is less than initial level
|
| Call option: | Quarterly at par
|
| Initial levels: | 3,386.72 for Euro Stoxx 50, 1,531.625 for Russell 2000 and 7,420.656 for Nasdaq-100 (closing levels on May 22)
|
| Threshold levels: | 2,370.704 for Euro Stoxx 50, 1,072.1375 for Russell 2000 and 5,194.4592 for Nasdaq-100, or 70% of initial levels
|
| Pricing date: | May 23
|
| Settlement date: | May 29
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 0.3%
|
| Cusip: | 95001H5H0
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