Published on 8/13/2018 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $5 million contingent coupon market-linked notes on two indexes
By Marisa Wong
Morgantown, W.Va., Aug. 13 – Wells Fargo & Co. priced $5 million of market-linked securities due Feb. 10, 2020 – callable with contingent coupon and contingent downside linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 6.9% if each index closes at or above its 70% threshold level on the related monthly observation date.
The notes are callable at par on any contingent coupon payment date after six months.
The payout at maturity will be par unless either index finishes below its 70% 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.
|
| Issue: | Market linked securities –callable with contingent coupon and contingent downside
|
| Underlying indexes: | S&P 500 index, Russell 2000 index
|
| Amount: | $5 million
|
| Maturity: | Feb. 10, 2020
|
| Coupon: | 6.9% annualized, payable each month that each index closes at or above threshold level on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any index falls by more than 30%, in which case 1% loss per 1% decline of worst performing index
|
| Call option: | At par on any contingent coupon payment date after six months
|
| Initial levels: | 2,827.22 for S&P, 1,682.099 for Russell
|
| Threshold levels: | 1,979.054 for S&P, 1,177.4693 for Russell; 70% of initial levels
|
| Pricing date: | Aug. 3
|
| Settlement date: | Aug. 8
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | None
|
| Cusip: | 95001B5X8
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
