Published on 9/29/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $4.03 million callable contingent coupon notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Sept. 29 – Wells Fargo & Co. priced $4.03 million of market-linked securities due Sept. 30, 2027 – callable 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 8.25% if each index closes at or above its 60% downside threshold on the observation date for that quarter.
The notes will be callable at par on any coupon payment date after one year.
The payout at maturity will be par unless any index finishes below its 60% 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 – callable with contingent coupon and contingent downside
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| Underlying indexes: | Russell 2000, Euro Stoxx 50, S&P 500
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| Amount: | $4,025,000
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| Maturity: | Sept. 30, 2027
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| Coupon: | 8.25% annualized, payable quarterly if each index closes at or above 60% downside 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 40%, in which investors will receive par plus return of the worst performing index
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| Call option: | At par on any coupon payment date after one year
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| Initial levels: | 1,456.863 for Russell, 3,536.38 for Stoxx, 2,496.84 for S&P
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| Thresholds: | 874.1178 for Russell, 2,121.828 for Stoxx, 1,498.104 for S&P; 60% of initial levels
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| Pricing date: | Sept. 26
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| Settlement date: | Sept. 29
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 4.85%
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| Cusip: | 95000E3A5
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