Published on 7/7/2014 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $17.29 million digital securities linked to Russell
By Toni Weeks
San Luis Obispo, Calif., July 7 – Wells Fargo & Co. priced $17.29 million of 0% digital securities with buffered downside due Feb. 10, 2017 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is at least negative 10%, the payout at maturity will be the maximum settlement amount of $1,150 per $1,000 of notes.
If the index declines by more than 10%, the investors will lose 1.1111% for every 1% decline in the index beyond the 10% buffer.
Wells Fargo Securities, LLC is the agent.
Issuer: | Wells Fargo & Co.
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Issue: | Digital securities
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Underlying index: | Russell 2000
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Amount: | $17,294,000
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Maturity: | Feb. 10, 2017
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index return is at least negative 10%, $1,150 per $1,000 of notes; if index declines by more than 10%, 1.1111% loss for every 1% index decline beyond 10% buffer
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Initial index level: | 1,199.5
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Pricing date: | July 2
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Settlement date: | July 10
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Agent: | Wells Fargo Securities, LLC
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Fees: | 2.5%
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Cuisp: | 94986RUG4
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