Published on 6/22/2016 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $4.62 million market-linked contingent coupon notes on Russell 2000
By Susanna Moon
Chicago, June 22 – Wells Fargo & Co. priced $4.62 million of 0% market-linked securities with contingent coupon and contingent downside due June 23, 2022 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6.2% 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: | $4,618,000
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Maturity: | June 23, 2022
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Coupon: | 6.2%, 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: | 1,144.698 for Russell
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Threshold level: | 801.2886 for Russell, 70% of initial level
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Pricing date: | June 17
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Settlement date: | June 22
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Agent: | Wells Fargo Securities LLC
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Fees: | 3.25%
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Cusip: | 94986RN64
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