Published on 4/1/2020 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $70.53 million trigger gears linked to S&P 500
By Marisa Wong
Los Angeles, April 1 – Wells Fargo Finance LLC priced $70.53 million of 0% trigger gears due March 31, 2025 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.
If the index return is greater than zero, the payout at maturity will be par of $10 plus 1.75 times the index gain. Investors will receive par if the index declines by 25% or less and have one-to-one exposure to the index’s decline from its initial level if it declines by more than 25%.
UBS Financial Services Inc. and Wells Fargo Securities are the agents.
Issuer: | Wells Fargo Finance LLC
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Guarantor: | Wells Fargo & Co.
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Issue: | Trigger gears
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Underlying index: | S&P 500
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Amount: | $70,530,790
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Maturity: | March 31, 2025
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 1.75 times any index gain; par if index declines by up to 25%; full exposure to index’s decline from initial level if index finishes below downside threshold
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Initial level: | 2,630.07
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Downside threshold: | 1,972.55, 75% of initial level
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Pricing date: | March 26
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Settlement date: | March 31
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Agents: | UBS Financial Services Inc. and Wells Fargo Securities
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Fees: | 3.5%
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Cusip: | 95002W651
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