By Sarah Lizee
Olympia, Wash., March 27 – Wells Fargo Finance LLC priced $1.7 million of market-linked securities due March 29, 2030 – autocallable with contingent coupon and contingent downside linked to the least performing of the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Wells Fargo & Co.
The notes will pay a contingent quarterly coupon at an annual rate of 23.8% if each index closes at or above its 75% coupon threshold on the observation date for that period.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date beginning in March 2021.
The payout at maturity will be par unless either index finishes below its 60% downside threshold, in which case investors will lose 1% for every 1% decline of the lesser performing index.
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 – autocallable with contingent coupon and contingent downside
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Underlying indexes: | Euro Stoxx 50 index, Russell 2000 index
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Amount: | $1.7 million
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Maturity: | March 29, 2030
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Coupon: | 23.8% annualized, payable monthly if each index 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 unless either index falls by more than downside threshold, in which case 1% loss per 1% decline of worst performing index
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Call: | At par if each index closes at or above its initial level on any interest payment date beginning in March 2021
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Initial levels: | 1,014.053 for Russell and 2,548.50 for Stoxx
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Coupon thresholds: | 760.53975 for Russell and 1,911.375 for Stoxx, 75% of initial levels
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Downside thresholds: | 608.4318 for Russell and 1,529.10 for Stoxx, 60% of initial levels
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Pricing date: | March 20
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Settlement date: | March 25
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Agent: | Wells Fargo Securities LLC
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Fees: | 3%
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Cusip: | 95001HGX3
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