Published on 2/11/2020 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $922,000 contingent market-linked autocalls on ETF, S&P, Stoxx
By Wendy Van Sickle
Columbus, Ohio, Feb. 11 – Wells Fargo & Co. priced $922,000 of market-linked securities due Feb. 10, 2025 – autocallable with contingent coupon and contingent downside linked to the least performing of the iShares MSCI Emerging Markets ETF, 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 8.35% if each asset closes at or above its 70% coupon threshold on the observation date for that period.
The notes will be called at par plus the coupon if each asset closes at or above its initial level on any quarterly observation date beginning after one year.
The payout at maturity will be par plus any coupon unless any asset finishes below its 70% downside threshold, in which case the payout will be par plus the return of the worst performing asset 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 assets: | S&P 500 index, Euro Stoxx 50 index, iShares MSCI Emerging Markets ETF
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| Amount: | $922,000
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| Maturity: | Feb. 10, 2025
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| Coupon: | 8.35% annualized, payable quarterly if each asset 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 plus any coupon unless any asset falls by more than 40%, in which case 1% loss per 1% decline of worst performing asset
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| Call: | At par plus coupon if each asset closes at or above its initial level on any observation date beginning after one year
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| Initial levels: | 3,283.66 for S&P, 3,690.78 for Stoxx, $42.98 for ETF
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| Coupon thresholds: | 2,298.562 for S&P, 2,583.546 for Stoxx, $30.086. For ETF, 70% of initial levels
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| Downside thresholds: | 2,298.562 for S&P, 2,583.546 for Stoxx, $30.086. For ETF, 70% of initial levels
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| Pricing date: | Jan. 30
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| Settlement date: | Feb. 4
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 1.125%
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| Cusip: | 95001HDU2
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