Published on 2/25/2020 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $6.57 million buffered enhanced return securities on Russell
By Sarah Lizee
Olympia, Wash., Feb. 25 – Wells Fargo Finance LLC priced $6.57 million of buffered enhanced return securities with capped upside and buffered downside due Feb. 23, 2022 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Wells Fargo & Co.
If the index return is positive, the payout at maturity will be par plus 150% of the index return, subject to a maximum payment of $1,136.50 per $1,000 of notes. Investors will receive par if the index falls by up to 15% and lose 1.1765% for every 1% decline in the index beyond 15%.
Wells Fargo Securities, LLC is the agent.
Issuer: | Wells Fargo Finance LLC
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Guarantor: | Wells Fargo & Co.
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Issue: | Buffered enhanced return securities with capped upside and buffered downside
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Underlying index: | Russell 2000
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Amount: | $6,571,000
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Maturity: | Feb. 23, 2022
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index return is positive, par plus 150% of index return, subject to maximum payment of $1,136.50 per $1,000 of notes; par if index falls by up to buffer; 1.1765% loss for every 1% decline in index beyond buffer
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Initial index level: | 1,683.522
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Buffer level: | 1,430.9937, 85% of initial level
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Pricing date: | Feb. 18
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Settlement date: | Feb. 25
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Agent: | Wells Fargo Securities, LLC
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Fees: | 2%
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Cusip: | 95001HF48
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