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Wells Fargo plans market-linked contingent coupon notes on S&P 500
New York, June 8 – Wells Fargo & Co. plans to price callable market-linked securities with contingent coupon and contingent downside due June 26, 2031 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 7.75% to 8.25% if the index closes above its 70% coupon threshold on the observation date for that quarter.
The payout at maturity will be par plus the final coupon unless the index closes below the downside threshold of 50%, in which case investors will be fully exposed to the loss.
After one year, the issuer may redeem the securities at par plus the contingent coupon on any contingent coupon payment date.
Wells Fargo Securities, LLC is the agent.
The notes will price on June 20.
The Cusip number is 94986RP47.
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