Published on 3/16/2020 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $1 million leveraged market-linked notes on S&P, Russell
By Sarah Lizee
Olympia, Wash., March 16 – Wells Fargo Finance LLC priced $1 million of 0% market-linked securities – leveraged upside participation to a cap and fixed percentage buffered downside due Sept. 9, 2022 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Wells Fargo & Co.
The payout at maturity will be par plus 150% of any gain in the lesser performing index, capped at par plus 34.5%.
If the lesser performing index falls but not beyond 15%, the payout will be par.
Otherwise, investors will lose 1% for each 1% decline in the lesser performing 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: | Market-linked securities – leveraged upside participation to a cap and fixed percentage buffered downside
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $1 million
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Maturity: | Sept. 9, 2022
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 150% of any gain in the lesser performing index, capped at par plus 34.5%; if the lesser performing index falls but not beyond 15%, par; 1% for each 1% decline in the lesser performing index beyond 15%
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Initial level: | 3,023.94 for S&P, 1,478.824 for Russell
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Buffer level: | 2,570.349 for S&P, 1,257.0004 for Russell, 85% of initial level
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Pricing date: | March 6
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Settlement date: | March 11
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Agent: | Wells Fargo Securities LLC
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Fees: | 0.5%
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Cusip: | 95001HGT2
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