Published on 3/20/2020 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $8.41 million buffer securities linked to S&P
By Sarah Lizee
Olympia, Wash., March 20 – Wells Fargo Finance LLC priced $8.41 million of 0% buffer securities due Sept. 18, 2023 linked to 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 any index gain.
Investors will receive par if the index falls by up to 23% and will lose 1% per 1% drop beyond 23%.
UBS Financial Services Inc. and Wells Fargo Securities, LLC are the agents.
Issuer: | Wells Fargo Finance LLC
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Guarantor: | Wells Fargo & Co.
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Issue: | Buffer securities
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Underlying index: | S&P 500
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Amount: | $8,408,320
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Maturity: | Sept. 18, 2023
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus any index gain; par if index declines by up to 23%; 1% loss for every 1% index decline beyond 23%
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Initial index level: | 2,711.02
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Buffer level: | 2,087.49, 77% of initial level
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Pricing date: | March 13
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Settlement date: | March 18
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Underwriters: | UBS Financial Services Inc. and Wells Fargo Securities, LLC
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Fees: | None
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Cusip: | 95002W610
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