Published on 9/8/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $9.21 million market-linked autocallables on indexes
By Tali Rackner
Minneapolis, Sept. 8 – Wells Fargo & Co. priced $9.21 million of 0% market-linked securities due Sept. 7, 2021 – autocallable with contingent coupon and contingent downside linked to the least performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.85% if each index closes at or above its 65% coupon threshold on the observation date for that quarter.
The notes will be called at par if each index closes at or above the initial level on any quarterly observation date from March 2018 through June 2021.
The payout at maturity will be par unless any index finishes below its 75% downside threshold, in which case the payout will be par plus the return of the worst-performing index with full exposure to any losses.
Wells Fargo Securities LLC is the agent.
| Issuer: | Wells Fargo & Co.
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| Issue: | Market-linked securities – autocallable with contingent coupon and contingent downside
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| Underlying indexes: | S&P 500, Russell 2000 and Euro Stoxx 50
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| Amount: | $9,208,000
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| Maturity: | Sept. 7, 2021
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| Coupon: | 8.85% annualized, payable quarterly if each index closes at or above coupon threshold on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any index falls by more than 25%, in which investors will receive par plus return of the worst-performing index
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| Call: | At par if each index closes at or above its initial level on any quarterly observation date from March 2018 through June 2021
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| Initial index levels: | 2,457.59 for S&P, 1,391.324 for Russell, 3,403.71 for Stoxx
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| Thresholds: | 1,843.1925 for S&P, 1,043.493 for Russell, 2,552.7825 for Stoxx, 75% of initial levels
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| Pricing date: | Aug. 30
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| Settlement date: | Sept. 5
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 1.575%
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| Cusip: | 95000E2N8
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