Published on 4/21/2014 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $1.49 million access securities tied to Russell 2000
By Jennifer Chiou
New York, April 21 - Wells Fargo & Co. priced $1,485,000 of access securities with contingent coupon and contingent downside due Oct. 26, 2020 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon if the index closes at or above the 70% threshold level. Otherwise, no coupon will be paid for that quarter. The rate will be 5.7% per year.
The payout at maturity will be par if the index closes at or above 70% of the initial level. Investors will share fully in losses if the index declines beyond 30%.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Access securities with contingent coupon and contingent downside
|
| Underlying index: | Russell 2000
|
| Amount: | $1,485,000
|
| Maturity: | Oct. 26, 2020
|
| Coupon: | 5.7% per year if index closes at or above the 70% threshold level on quarterly calculation date; otherwise, no coupon for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par if the index closes at or above 70% of the initial level; otherwise, exposure to losses
|
| Initial level: | 1,137.899
|
| Threshold level: 796.5293, 70% of initial level
|
| Pricing date: | April 17
|
| Settlement date: | April 25
|
| Agent: | Wells Fargo Securities, LLC
|
| Fees: | 3%
|
| Cusip: | 94986RTN1
|
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