Published on 4/7/2020 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $5.10 million capped buffer gears linked to S&P 500
By Marisa Wong
Los Angeles, April 7 – Wells Fargo Finance LLC priced $5,097,800 of 0% capped buffer gears due March 31, 2022 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 2 times the index return, capped at $12.65 per note. Investors will receive par if the index declines by 10% or less and lose 1% for every 1% that the index declines beyond 10%.
Wells Fargo Securities, LLC and UBS Financial Services Inc. are the agents.
Issuer: | Wells Fargo Finance LLC
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Guarantor: | Wells Fargo & Co.
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Issue: | Capped buffer gears
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Underlying index: | S&P 500
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Amount: | $5,097,800
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Maturity: | March 31, 2022
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 2 times any index gain, capped at par plus 26.5%; par if the index declines by 10% or less; 1% loss for every 1% decline beyond 10%
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Initial index level: | 2,630.07
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Downside threshold: | 2,367.06, 90% of initial level
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Pricing date: | March 26
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Settlement date: | March 31
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Agents: | Wells Fargo Securities, LLC and UBS Financial Services Inc.
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Fees: | 2%
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Cusip: | 95002W644
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