Published on 2/20/2013 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $1.13 million access securities linked to Russell 2000
By Angela McDaniels
Tacoma, Wash., Feb. 20 - Wells Fargo & Co. priced $1.13 million of access securities with contingent coupon and contingent downside protection due Feb. 25, 2019 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index closes at or above the threshold level, 65% of the initial index level, on a quarterly observation date, the notes will pay a contingent coupon at the rate of 5.8% per year for that quarter. Otherwise, no coupon will be paid that quarter.
If the final index level is greater than or equal to the threshold level, the payout at maturity will be par plus the contingent coupon payment. Otherwise, investors will be fully exposed to the index's decline from its initial level.
Wells Fargo Securities, LLC is the agent.
Issuer: | Wells Fargo & Co.
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Issue: | Access securities with contingent coupon and contingent downside protection
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Underlying index: | Russell 2000
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Amount: | $1,133,000
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Maturity: | Feb. 25, 2019
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Coupon: | If index closes at or above threshold level on quarterly observation date, 5.8% per year for that quarter; otherwise, no coupon will be paid that quarter
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Price: | Par
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Payout at maturity: | If final index level is greater than or equal to threshold level, par plus contingent coupon payment; otherwise, full exposure to index's decline from initial level
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Initial index level: | 923.15
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Threshold level: | 600.05, 65% of initial level
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Pricing date: | Feb. 15
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Settlement date: | Feb. 25
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Agent: | Wells Fargo Securities, LLC
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Fees: | 3%
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Cusip: | 94986RND9
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