Published on 4/4/2016 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $5.4 million buffered autocallables linked to S&P 500
By Angela McDaniels
Tacoma, Wash., April 4 – Wells Fargo & Co. priced $5.4 million of 0% autocallable market-linked securities with fixed percentage buffered downside due April 5, 2018 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a call premium of 6.25% per year if the index closes at or above the initial index level on April 5, 2017, Oct. 5, 2017 or March 28, 2018.
If the notes are not called and the final index level is greater than or equal to the threshold level, 90% of the initial index level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the index declines beyond 10%.
Wells Fargo Securities LLC is the agent.
Issuer: | Wells Fargo & Co.
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Issue: | Autocallable market-linked securities with fixed percentage buffered downside
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Underlying index: | S&P 500
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Amount: | $5,403,000
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Maturity: | April 5, 2018
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If final index level is greater than or equal to threshold level, par; otherwise, 1% loss for every 1% that index declines beyond 10%
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Call: | Automatically at par plus call premium of 6.25% per year if index closes at or above initial index level on April 5, 2017, Oct. 5, 2017 or March 28, 2018
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Initial level: | 2,059.74
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Threshold level: | 1,853.766, 90% of initial level
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Pricing date: | March 31
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Settlement date: | April 5
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Underwriter: | Wells Fargo Securities LLC
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Fees: | 1.325%
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Cusip: | 94986RG54
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