Wells Fargo eyes callable market-linked notes tied to S&P, MSCI EM

Chicago, Feb. 8 – Wells Fargo Finance LLC plans to price market-linked securities due March 7, 2022 – callable with contingent coupon and contingent downside – linked to the lowest performing of the S&P 500 index and the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Wells Fargo & Co.

The notes will pay a contingent quarterly coupon at an annual rate of at least 6.25% if each underlying closes at or above its 70% coupon threshold value on a quarterly observation date. The exact interest rate will be set at pricing.

The notes will be callable at par plus any coupon on the two optional redemption dates in September 2019 and December 2019.

The notes will automatically be called if both underlyings close above their initial levels on any of the quarterly calculation dates from March 2020 to December 2021.

The payout at maturity will be par unless either underlying finishes below its 70% downside threshold, in which case investors will be fully exposed to any losses of the worse performing underlying.

Wells Fargo Securities, LLC is the agent.

The notes will price on Feb. 25 and settle on Feb. 28.

The Cusip number is 95001H2X8.

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