Published on 3/25/2020 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $50.73 million digital securities with buffered downside on S&P
By Sarah Lizee
Olympia, Wash., March 25 – Wells Fargo Finance LLC priced $50.73 million of 0% digital securities with buffered downside due June 23, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is greater than or equal to negative 20%, the payout at maturity will be $1,188.50 per $1,000 principal amount of notes. If the index return is less than negative 20%, investors will lose 1.25% for every 1% that the index declines beyond 20%.
The notes are guaranteed by Wells Fargo & Co.
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: | Digital securities with buffered downside
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Underlying index: | S&P 500
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Amount: | $50.73 million
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Maturity: | June 23, 2021
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index return is greater than or equal to negative 20%, $1,188.50 per $1,000 principal amount; if index return is less than negative 20%, 1.25% loss for every 1% that index declines beyond 20%
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Initial level: | 2,409.39
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Buffer level: | 1,927.512, 80% of initial level
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Pricing date: | March 19
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Settlement date: | March 26
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Agent: | Wells Fargo Securities, LLC
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Fees: | 1.25%
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Cusip: | 95001HGZ8
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