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Wells Fargo plans contingent coupon market-linked notes on Russell
By Tali Rackner
Norfolk, Va., Sept. 15 – Wells Fargo & Co. plans to price market-linked securities with contingent coupon and contingent downside due Sept. 30, 2022, linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a continent quarterly coupon at an annual rate of 5.9% to 6.3% if the index closes at or above the 70% threshold 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 the 70% threshold level, in which case investors will lose 1% for each 1% decline beyond 70%.
Wells Fargo Securities LLC is the agent.
The notes will price on Sept. 23 and settle on Sept. 30.
The Cusip number is 94986RU82.
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