Published on 11/7/2018 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $827,000 contingent market-linked autocalls tied to Russell, S&P, Stoxx
By Wendy Van Sickle
Columbus, Ohio, Nov. 7– Wells Fargo & Co. priced $827,000 of market-linked securities due Oct. 27, 2022 – autocallable with contingent coupon and contingent downside linked to the least performing of the S&P 500 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 8.8% if each index closes at or above its 70% coupon threshold on the observation date for that period.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless any 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.
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Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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Underlying indexes: | S&P 500 index, Euro Stoxx 50 index, Russell, 2000 index
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Amount: | $827,000
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Maturity: | Oct. 27, 2022
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Coupon: | 8.8% annualized, payable quarterly if each index closes at or above coupon threshold on observation date for that period
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Price: | Par
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Payout at maturity: | Par unless any index falls by more than 30%, in which case 1% loss per 1% decline 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 after six months
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Initial levels: | 2,682.63 for S&P 500, 3,147.13 for Euro Stoxx 50, 1,506.637 for Russell
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Coupon/downside thresholds: | 1,877.841 for S&P, 2,202.991 for Stoxx, 1,054.6459 for Russell, 70% of initial levels
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Pricing date: | Oct. 30
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Settlement date: | Nov. 2
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Agent: | Wells Fargo Securities LLC
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Fees: | 1.575%
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Cusip: | 95001BA20
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