Wells Fargo plans contingent coupon access securities tied to S&P 500

By Toni Weeks

San Diego, Aug. 7 - Wells Fargo & Co. plans to price access securities with contingent coupon and contingent downside due August 2027 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a monthly coupon of 7% if the closing level of the index on the applicable observation date for that month is at least 60% of the initial level. Otherwise, the coupon will be zero for that observation period.

If the final index level is at least 60% of the initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the index decline from the initial level.

The notes (Cusip: 94986RLC3) are expected to settle in August.

Wells Fargo Securities, LLC is the agent.

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