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Wells Fargo plans buffered enhanced return notes tied to S&P 500
By Marisa Wong
Morgantown, W.Va., April 19 – Wells Fargo & Co. plans to price 24- to 27-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 payout at maturity will be par plus 1.5 times any index gain, up to a maximum settlement amount of $1,231 to $1,271.50 per $1,000 principal amount of notes.
Investors will receive par if the index falls by up to 15% and will lose 1.1765% for every 1% decline beyond 15%.
The exact deal terms, including maturity and cap, will be set at pricing.
Wells Fargo Securities LLC is the agent.
The notes will price and settle in April.
The Cusip number is 94986RK91.
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