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Wells Fargo plans S&P 500-linked notes with contingent fixed return
By Toni Weeks
San Luis Obispo, Calif., Feb. 21 - Wells Fargo & Co. plans to price 0% equity-linked securities with contingent fixed return and buffered downside multiplier linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The tenor of the notes is expected to be 25 to 28 months.
If the final index level is greater than or equal to the threshold level, the payout at maturity will be the contingent fixed redemption amount. The threshold level will be 85% of the initial index level, and the contingent fixed redemption amount is expected to be $1,076.50 to $1,086.50 and will be set at pricing.
If the final index level is less than the threshold level, investors will lose 1.1765% for every 1% that the index declines beyond 15%.
Wells Fargo Securities, LLC is the agent.
The notes will price in February and settle in March.
The Cusip number is 94986RNP2.
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