Wells Fargo plans buffered enhanced return notes linked to S&P 500

By Devika Patel

Knoxville, Tenn., Oct. 28 – 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 22 to 25 months after issuance, with the exact maturity to be set at pricing.

If the final index level is greater than the initial index level, the payout at maturity will be par plus 1.5 times the index return, subject to a maximum settlement amount of $1,204 to $1,240 per $1,000 principal amount of notes that will be set at pricing.

Investors will receive par if the index declines by 12.5% or less and will lose 1.1429% for every 1% that it declines beyond 12.5%.

Wells Fargo Securities LLC is the agent.

The notes (Cusip: 94986RZT1) will price in October and settle in November.

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