Wells Fargo plans market-tied contingent coupon notes on Russell 2000

By Tali Rackner

Norfolk, Va., Aug. 8 – Wells Fargo & Co. plans to price market-linked securities due Aug. 26, 2022 – contingent coupon and contingent downside 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 5.8% to 6.3% if the index closes at or above its threshold level, 70% of its initial level, on the observation date for that quarter. The exact coupon will be set at pricing.

The payout at maturity will be par unless the index finishes below its 70% threshold level, in which case the payout will be par plus the return with full exposure to any losses.

Wells Fargo Securities LLC is the agent.

The notes will price on Aug. 19 and settle on Aug. 26.

The Cusip number is 94986RS93.

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