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Wells Fargo to price 4.8%-5.2% autocallable notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Aug. 29 – Wells Fargo & Co. plans to price autocallable market-linked securities with fixed coupon and contingent downside due Sept. 2, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a fixed coupon at the rate of 4.8% to 5.2% per year. Interest will be payable semiannually. The exact interest rate will be set at pricing.
Beginning two years after issuance, the notes will be automatically called at par if the index closes at or above the initial index level on any semiannual call date.
If the notes are not called and the final index level is greater than or equal to the threshold level, 65% of the initial index level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final index level is below the initial index level.
Wells Fargo Securities LLC is the agent.
The notes will price Aug. 30.
The Cusip number is 94986RU66.
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