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Wells Fargo to price leveraged buffered notes linked to S&P 500 index
By Angela McDaniels
Tacoma, Wash., July 18 – Wells Fargo & Co. plans to price 0% market-linked securities with leveraged upside participation to a cap and buffered downside with multiplier due Aug. 3, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus 130% of the index return, subject to a maximum return that is expected to be 65% to 75% and will be set at pricing.
Investors will receive par if the final index level is less than or equal to the initial index level but greater than or equal to the threshold level, 80% of the initial index level.
If the final index level is less than the threshold level, investors will lose 1.25% for every 1% that the index declines beyond 20%.
Wells Fargo Securities LLC is the agent.
The notes will price July 29.
The Cusip number is 94986RR78.
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