By Angela McDaniels
Tacoma, Wash., April 29 – Wells Fargo & Co. priced $3.25 million of callable market-linked securities with contingent coupon and contingent downside due May 3, 2021 linked to the worse performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 5.1% per year if each index closes at or above its threshold level, 50% of its initial level, on the calculation day for that quarter.
If each index’s final level is greater than or equal to its threshold level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final level of the worse-performing index is less than its initial index level.
After six months, the notes will be callable quarterly at par.
Wells Fargo Securities LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Callable market-linked securities with contingent coupon and contingent downside
|
| Underlying indexes: | Russell 2000 and S&P 500
|
| Amount: | $3.25 million
|
| Maturity: | May 3, 2021
|
| Coupon: | Notes pay contingent coupon quarterly at rate of 5.1% per year if each index closes at or above threshold level on calculation day for that quarter
|
| Price: | Par
|
| Payout at maturity: | If both indexes finish at or above threshold levels, par; otherwise, 1% loss for every 1% that worse-performing index’s final level is less than initial level
|
| Call option: | After six months, notes will be callable quarterly at par
|
| Initial levels: | 2,095.15 for S&P 500 and 1,154.149 for Russell 2000
|
| Threshold levels: | 1,047.575 for S&P 500 and 577.0745 for Russell 2000; 50% of initial level
|
| Pricing date: | April 27
|
| Settlement date: | April 29
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 3%
|
| Cusip: | 94986RL58
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
