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Wells Fargo to price notes linked to S&P 500 with averaging feature
By Angela McDaniels
Tacoma, Wash., Jan. 3 - Wells Fargo & Co. plans to price 0% upside participation equity-linked notes due Feb. 7, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 100% to 110% of any index gain, with the exact participation rate to be set at pricing. If the index declines, the payout will be par. The final index level will be the average of the index's closing levels on the last trading day of each January, April, July and October from April 2013 through January 2020.
The notes are expected to price Jan. 31 and settle Feb. 7.
Wells Fargo Securities LLC is the underwriter.
The Cusip number is 94986RMT5.
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