By Toni Weeks
San Luis Obispo, Calif., Oct. 24 - Wells Fargo & Co. priced $3.2 million of 5.7% autocallable access securities with contingent downside due Oct. 28, 2015 linked to the SPDR S&P Homebuilders exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be automatically called at par plus accrued interest if the fund closes at or above the initial price on any of seven quarterly call dates.
If the notes are not called and the fund's final level is at least 70% of the initial price, the payout at maturity will be par. Otherwise, investors will be fully exposed to the fund decline from the initial share price.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Autocallable access securities
|
| Underlying fund: | SPDR S&P Homebuilders ETF
|
| Amount: | $3.2 million
|
| Maturity: | Oct. 28, 2015
|
| Coupon: | 5.7%, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If final share price is at least 70% of initial price, par; otherwise, 1% loss for every 1% decline from initial price
|
| Initial price: | $30.40
|
| Threshold price: | $21.28, 70% of initial price
|
| Call: | At par plus accrued interest if share price closes at or above initial price on any of seven quarterly call dates beginning Jan. 22
|
| Pricing date: | Oct. 22
|
| Settlement date: | Oct. 28
|
| Agent: | Wells Fargo Securities, LLC
|
| Fees: | None
|
| Cusip: | 94986RRW3
|
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