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Wells Fargo plans buffered enhanced return notes linked to S&P 500
By Toni Weeks
San Luis Obispo, Calif., July 14 – Wells Fargo & Co. plans to price 0% buffered enhanced return securities with capped upside and buffered downside linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are expected to mature 19 to 22 months after issuance.
If the final index level is greater than the initial index level, the payout at maturity will be par plus 130% of the index return, subject to a maximum settlement amount of $1,158.99 to $1,184.99 per $1,000 principal amount of notes that will be set at pricing.
Investors will receive par if the index declines by 12.5% or less and will lose 1.1429% for every 1% that it declines beyond 12.5%.
Wells Fargo Securities LLC is the agent.
The notes will price and settle in July.
The Cusip number is 94986RXY2.
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