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Wells Fargo plans buffered enhanced return notes with cap on S&P 500
By Devika Patel
Knoxville, Tenn., Jan. 20 – 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 settlement, 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 of $1,000 plus double the index return, subject to a maximum settlement amount of $1,186 to $1,218 per $1,000 of notes. The exact cap will be set at pricing.
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 (Cusip: 94986RD65) will price and settle in January.
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