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Wells Fargo plans six-year growth securities with cap tied to S&P 500
By Jennifer Chiou
New York, Oct. 31 - Wells Fargo & Co. plans to price 0% growth securities with leveraged upside participation to a cap and contingent downside with contingent minimum return due Nov. 27, 2019 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 200% of any index gain, up to a maximum return of 55% to 65%. The exact cap will be set at pricing, and the contingent minimum return is 12%.
Investors will receive par plus 12% if the index falls by up to 30% and will share in losses beyond 30% but will still receive the 12% minimum return.
The notes (Cusip: 94986RRX1) are expected to price on Nov. 22 and settle on Nov. 27.
Wells Fargo Securities, LLC is the agent.
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