Published on 12/23/2015 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $30.56 million autocallables on SPDR S&P Bank ETF
By Marisa Wong
Morgantown, W.Va., Dec. 23 – Wells Fargo & Co. priced $30.56 million of 0% autocallable securities with buffered downside due Dec. 28, 2018 linked to the SPDR S&P Bank exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a call premium if the ETF closes at or above the initial share price on either of two call observation dates. The call premium is 8.396% if the notes are called on Jan. 18, 2017 and 15.5% if called on Dec. 18, 2017.
If the notes are not called and the fund finishes at or above its initial level, the payout will be par plus 23.25%. If the fund falls by up to 5%, the payout will be par. If the fund fallys by more than 5%, investors will lose 1.0526% for every 1% drop beyond 5%.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Wells Fargo & Co.
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| Issue: | Autocallable securities with buffered downside
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| Underlying ETF: | SPDR S&P Bank ETF
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| Amount: | $30,555,000
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| Maturity: | Dec. 28, 2018
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If ETF’s final share price is greater than or equal to initial price, par plus 23.25%; if ETF finishes at or above buffer level, par; otherwise, 1.0526% loss for every 1% drop beyond 5%
|
| Call: | Automatically at par plus premium if ETF closes at or above initial price on either call observation date; call premium is 8.396% if the notes are called on Jan. 18, 2017 and 15.5% if called on Dec. 18, 2017
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| Initial share price: | $33.43
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| Buffer level: | $31.7585, 95% of initial price
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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%
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| Cusip: | 94986RC33
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