Published on 12/23/2015 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $1.74 million contingent coupon access notes on Russell
By Tali Rackner
Norfolk, Va., Dec. 23 – Wells Fargo & Co. priced $1.74 million of access securities with contingent coupon and contingent downside due Dec. 28, 2021 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6.72% if the index closes at or above the trigger level, 70% of the initial level, on the calculation date for that quarter.
The payout at maturity will be par unless the index finishes below the trigger level, in which case investors will be fully exposed to any losses.
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: | $1,743,000
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Maturity: | Dec. 28, 2021
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Coupon: | 6.72% annualized, payable quarterly if index closes at or above trigger level on review date for that quarter
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Price: | Par of $1,000
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Payout at maturity: | Par if index finishes at or above trigger level; otherwise, full exposure to any losses
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Initial index level: | 1,121.02
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Trigger level: | 784.714, 70% of initial level
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Pricing date: | Dec. 18
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Settlement date: | Dec. 28
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Agent: | Wells Fargo Securities, LLC
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Fees: | 3.25%
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Cusip: | 94986RA92
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