By Tali Rackner
Norfolk, Va., June 9 – Wells Fargo & Co. priced $1 million of 0% market-linked autocallable securities with contingent coupon and contingent downside due June 2, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a semiannual coupon at an annual rate of 10.6% if the index closes above its 85% threshold on the observation date for that period.
The notes will be called at par plus the contingent coupon if the index finishes at or above its initial level on any annual call date.
The payout at maturity will be par plus the final coupon, unless the index closes below the 85% threshold, in which case investors will be fully exposed to the loss.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Wells Fargo & Co.
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| Issue: | Market-linked autocallable securities – contingent coupon and contingent downside
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| Underlying index: | S&P 500
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| Amount: | $1 million
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| Maturity: | June 2, 2026
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| Coupon: | 10.6%, payable semiannually if index closes above its 85% threshold on observation date for that period
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| Price: | Par of $1,000
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| Payout at maturity: | Par plus coupon unless index closes below 85% threshold, in which case full exposure to any losses
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| Initial level: | 2,099.06
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| Threshold level: | 1,784.201, 85% of initial level
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| Pricing date: | May 27
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| Settlement date: | June 2
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| Agent: | Wells Fargo Securities LLC
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| Fees: | None
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| Cusip: | 94986RM99
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