Wells Fargo plans callable market-linked notes on S&P 500, Russell

By Susanna Moon

Chicago, March 22 – Wells Fargo & Co. plans to price market-linked securities due March 31, 2025 – callable with contingent coupon and contingent downside linked to the lesser performing of the S&P 500 index and 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 if each index closes at or above its 70% coupon threshold on a quarterly observation date. The coupon will be at least 7% for the first four years, stepping up to 10% after that.

The notes will be callable at par on any quarterly observation date after one year.

The payout at maturity will be par unless either index finishes below its 60% downside threshold, in which case investors will be fully exposed to any losses of the worse performing index.

Wells Fargo Securities LLC is the agent.

The notes will price on March 28 and settle on March 31.

The Cusip number is 94986R4U2.

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