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Wells Fargo plans buffered enhanced return notes tied to S&P 500
By Marisa Wong
Madison, Wis., June 5 – Wells Fargo & Co. plans to price 0% buffered enhanced return securities with capped upside and buffered downside linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are expected to mature 24 to 27 months after issuance.
If the final index level is greater than the initial index level, the payout at maturity will be par plus 150% of the index return, subject to a maximum settlement amount of $1,148.50 to $1,174 per $1,000 principal amount of notes.
Investors will receive par if the index declines by 10% or less and will lose 1.1111% for every 1% that it declines beyond 10%.
Wells Fargo Securities LLC is the agent.
The notes will price and settle in June.
The Cusip number is 94986RXL0.
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