Published on 10/22/2019 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $512,000 callable market-linked contingent notes on indexes
By Sarah Lizee
Olympia, Wash., Oct. 22 – Wells Fargo Finance LLC priced $512,000 of market-linked securities due Oct. 19, 2029 – callable with contingent coupon and contingent downside linked to the least performing of the Euro Stoxx 50 index, the S&P 500 index and the Russell 2000 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 60% coupon threshold on the observation date for that period. The coupon will be 9.05% 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
|
| Guarantor: | Wells Fargo & Co.
|
| Issue: | Market linked securities – callable with contingent coupon and contingent downside
|
| Underlying indexes: | Euro Stoxx 50 index, S&P 500 index and Russell 2000 index
|
| Amount: | $512,000
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| Maturity: | Oct. 19, 2029
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| Coupon: | 9.05% 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: | 1,525.057 for Russell, 2,989.69 for S&P and 3,599.25 for Stoxx
|
| Coupon thresholds: | 1,143.79275 for Russell, 2,242.2675 for S&P and 2,699.4375 for Stoxx, 60% of initial levels
|
| Downside thresholds: | 1,143.79275 for Russell, 2,242.2675 for S&P and 2,699.4375 for Stoxx, 60% of initial levels
|
| Pricing date: | Oct. 16
|
| Settlement date: | Oct. 21
|
| Agent: | Wells Fargo Securities LLC
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| Fees: | 3.7%
|
| Cusip: | 95001HBK6
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