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Wells Fargo to price market-linked notes on SPDR S&P 500 fund
By Toni Weeks
San Luis Obispo, Calif., May 4 – Wells Fargo & Co. plans to price 0% market-linked securities with leveraged upside participation to a cap and fixed percentage buffered downside due Dec. 7, 2020 linked to the SPDR S&P 500 exchange-traded fund trust, according to a 424B2 filing with the Securities and Exchange Commission.
If the fund return is positive, the payout at maturity will be par plus 150% of the gain, subject to a maximum return of 55% to 60% that will be set at pricing.
Investors will receive par if the fund decreases by up to 20% and will lose 1% for every 1% drop beyond the 20% buffer.
The notes (Cusip: 94986RXA4) are expected to price May 29 and settle June 5.
Wells Fargo Securities LLC is the agent.
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