Published on 11/30/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $1.64 million contingent autocallables on four stocks
By Wendy Van Sickle
Columbus, Ohio, Nov. 30 – Wells Fargo & Co. priced $1.64 million of market-linked securities due Nov. 30, 2020 – autocallable with contingent coupon and contingent downside linked to the common stocks of E*Trade Financial Corp., Southwest Airlines Co., CVS Health Corp. and Norwegian Cruise Line Holdings Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 12.9% if each stock closes at or above its 60% downside threshold on the observation date for that month.
The notes will be called at par if each stock closes at or above its 95% call threshold on any quarterly call date from May 2018 through August 2020.
The payout at maturity will be par unless any stock finishes below its 60% downside threshold, in which case investors will lose 1% for each 1% decline of the worst performing stock.
Wells Fargo Securities LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
|
| Underlying stocks: | E*Trade Financial Corp., Southwest Airlines Co., CVS Health Corp. and Norwegian Cruise Line Holdings Ltd.
|
| Amount: | $1,641,000
|
| Maturity: | Nov. 30, 2020
|
| Coupon: | 12.9% annualized, payable monthly if each stock closes at or above 60% threshold on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock falls by more than 40%, in which case full exposure to any losses of worst performing stock
|
| Call: | At par if each stock closes at or above 95% of its initial level on any quarterly observation date from May 2018 through August 2020
|
| Initial levels: | $45.13 for E*Trade, $54.60 for Southwest, $45.13 for CVS, $55.61 for Norwegian Cruise Threshold levels: | $27.078 for E*Trade, $32.76 for Southwest, $42.24 for CVS, $33.366 for Norwegian Cruise, 60% of initial levels
|
| Pricing date: | Nov. 27
|
| Settlement date: | Nov. 30
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 3.9%
|
| Cusip: | 95000E3W7
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
