Published on 5/27/2016 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $1.57 million market-linked notes on Russell 2000
By Susanna Moon
Chicago, May 27 – Wells Fargo & Co. priced $1.57 million of 0% market-linked securities with contingent coupon and contingent downside due May 26, 2022 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of at least 6.45% if the index closes above its 70% threshold level on the observation date for that quarter.
The payout at maturity will be par plus the final coupon unless the index closes below the 70% threshold level, in which case investors will be fully exposed to any losses.
Wells Fargo Securities, LLC is the agent.
Issuer: | Wells Fargo & Co.
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Issue: | Market-linked securities – contingent coupon and contingent downside
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Underlying index: | Russell 2000
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Amount: | $1,572,000
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Maturity: | May 26, 2022
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Coupon: | 6.45%, payable quarterly if index closes above its 70% threshold on observation date for that quarter.
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Price: | Par
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Payout at maturity: | Par unless index closes below 70% threshold, in which case full exposure to any losses
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Initial level: | 1,112.276
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Threshold level: | 778.5932, 70% of initial level
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Pricing date: | May 20
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Settlement date: | May 27
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Agent: | Wells Fargo Securities LLC
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Fees: | 3.25%
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Cusip: | 94986RM24
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