Published on 10/6/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $3.21 million 6.3% contingent market-tied autocallables on indexes
By Susanna Moon
Chicago, Oct. 6 – Wells Fargo & Co. priced $3.21 million of market-linked securities due Oct. 4, 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 6.3% 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 its initial level on any interest payment date after six months.
The payout at maturity will be par unless any index finishes below its 65% 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: | $3,205,000
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| Maturity: | Oct. 4, 2021
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| Coupon: | 6.3% annualized, payable quarterly if each index closes at or above 65% 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 35%, in which investors will receive par plus return of worst performing index
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| Call: | At par if each index closes at or above its initial level on any interest payment date from March 2018 to June 2021
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| Initial levels: | 2,510.06 for S&P, 1,488.786 for Russell, 3563.64 for Stoxx
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| Thresholds: | 1,631.539 for S&P, 967.7109 for Russell, 2316.366 for Stoxx; 65% of initial levels
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| Pricing date: | Sept. 28
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| Settlement date: | Oct. 3
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 1.575%
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| Cusip: | 95000E2Y4
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