Published on 6/7/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $5.7 million market-linked autocallables tied to three indexes
By Susanna Moon
Chicago, June 7 – Wells Fargo & Co. priced $5.7 million of 0% market linked securities – autocallable with contingent coupon and contingent downside due June 3, 2019 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 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 5.35% if each index closes at or above the 65% coupon threshold on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly review date after six months.
The payout at maturity will be par unless any index falls below the 65% downside threshold, in which case investors will be exposed to any losses of the worse performing index.
Issuer: | Wells Fargo & Co.
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Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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Underlying indexes: | S&P 500, Euro Stoxx 50, Russell 2000
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Amount: | $5,698,000
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Maturity: | June 3, 2019
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Coupon: | 5.35% annualized, payable quarterly if each index closes at or above 65% coupon threshold on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either index falls by more than 35%, in which case fully exposure to any losses of worst performing index
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Call: | At par if each index closes at or above its initial level on any quarterly observation date from November 2017 to February 2019
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Initial index levels: | 2,415.07 for S&P, 3,584.55 for Stoxx, 1,383.388 for Russell
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Thresholds: | 1,569.7955 for S&P, 2,329.9575 for Stoxx, 899.2022 for Russell, 65% of initial levels
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Pricing date: | May 25
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Settlement date: | June 2
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Agent: | Wells Fargo Securities LLC
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Fees: | 1.325%
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Cusip: | 94986R6H9
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