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Wells Fargo plans contingent coupon access autocallables on S&P 500
By Susanna Moon
Chicago, Dec. 24 – Wells Fargo & Co. plans to price autocallable access securities with contingent coupon and contingent downside due Dec. 31, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 10% to 12% if the index closes at or above the trigger level, 85% of the initial level, on the calculation date for that period. The exact coupon will be set at pricing.
The payout at maturity will be par unless the index finishes below the 85% trigger level, in which case investors will be fully exposed to any losses.
The notes will be called at par plus the contingent coupon if the index closes at or above the initial level on any annual call dates from December 2016 to December 2024.
Wells Fargo Securities, LLC is the agent.
The notes will price on Dec. 28 and settle on Dec. 31.
The Cusip number is 94986RC82.
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