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Wells Fargo plans buffered enhanced return notes with cap on S&P 500
By Wendy Van Sickle
Columbus, Ohio, April 8 – Wells Fargo & Co. plans to price 25- to 28-month 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 exact maturity will 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 1.5 times the index return, subject to a maximum settlement amount of $1,237.00 to $1,277.50 per $1,000 of notes. The exact cap will be set at pricing.
Investors will receive par if the index declines by 15% or less and will lose 1.1765% for every 1% decline beyond 15%.
Wells Fargo Securities LLC is the agent.
The notes (Cusip: 94986RK26) will price and settle in April.
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