Published on 9/22/2015 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $918,000 access securities linked to Russell 2000
By Tali Rackner
Norfolk, Va., Sept. 22 – Wells Fargo & Co. priced $918,000 of access securities with contingent coupon and contingent downside due Sept. 24, 2021 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 6.7% 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.
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| Issue: | Access securities with contingent coupon and contingent downside
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| Underlying index: | Russell 2000
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| Amount: | $918,000
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| Maturity: | Sept. 24, 2021
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| Coupon: | 6.7% per year if index closes at or above the 70% threshold level on quarterly calculation date; otherwise, no coupon for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par if the index closes at or above 70% of the initial level; otherwise, exposure to losses
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| Initial level: | 1,163.346
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| Threshold level: | 814.3422, 70% of initial level
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| Pricing date: | Sept. 18
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| Settlement date: | Sept. 25
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 3.25%
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| Cusip: | 94986RYR6
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