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Wells Fargo eyes digital securities with buffered downside on S&P 500
By Devika Patel
Knoxville, Tenn., Jan. 23 – Wells Fargo & Co. plans to price 23- to 26-month 0% digital securities with buffered downside linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index does not finish below the threshold level, 87.5% of the initial level, the payout at maturity will be the maximum settlement amount, which is expected to fall between $1,126.50 and $1,148.70 per $1,000 of notes. Otherwise, investors will lose 1.1429% for every 1% that the index declines beyond the 12.5% buffer.
The exact maturity and maximum settlement amount will be set at pricing.
Wells Fargo Securities LLC is the agent.
The Cusip number is 94986R3V1.
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