Published on 12/10/2019 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $546,000 contingent market-linked autocalls on Stoxx, Russell
By Sarah Lizee
Olympia, Wash., Dec. 10 – Wells Fargo Finance LLC priced $546,000 of market-linked securities due Dec. 6, 2029 – autocallable with contingent coupon and contingent downside linked to the least performing of the Euro Stoxx 50 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 at an annual rate of 5.85% if each index closes at or above its 65% 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 beginning in December 2020.
The payout at maturity will be par unless either index finishes below its 60% downside threshold, in which case investors will lose 1% for every 1% decline of the lesser performing index.
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 – autocallable with contingent coupon and contingent downside
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| Underlying indexes: | Euro Stoxx 50 index, Russell 2000 index
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| Amount: | $546,000
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| Maturity: | Dec. 6, 2029
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| Coupon: | 5.85% annualized, payable quarterly if each index closes at or above coupon threshold on observation date for that period
|
| Price: | Par
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| Payout at maturity: | Par unless either index falls by more than 40%, 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 beginning in December 2020
|
| Initial levels: | 3,707.68 for Stoxx, 1621.904 for Russell 2000
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| Coupon thresholds: | 2,409.992 for Stoxx, 1,054.2376 for Russell 2000, 65% of initial levels
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| Downside thresholds: | 2,224.608 for Stoxx, 973.1424 for Russell 2000, 60% of initial levels
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| Pricing date: | Nov. 25
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| Settlement date: | Nov. 29
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 3.35%
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| Cusip: | 95001HCP4
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