Published on 7/5/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $1.47 million market-linked callable notes on S&P, Russell, Stoxx
By Wendy Van Sickle
Columbus, Ohio, July 5 – Wells Fargo & Co. priced $1.47 million of 0% market-linked securities – callable with contingent coupon and contingent downside due July 2, 2027 linked to the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 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 8% if each index closes at or above its coupon threshold, 60% of its initial level, on an observation date for that quarter.
The notes are callable at par on any optional redemption date after six months.
The payout at maturity will be par unless either index finishes below its 60% downside threshold level, in which case the payout will be par plus the return of the worse performing index with full exposure to any losses.
Wells Fargo Securities LLC is the agent.
Issuer: | Wells Fargo & Co.
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Issue: | Market-linked securities – callable with contingent coupon and contingent downside
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Underlying indexes: | S&P 500, Russell 2000, Euro Stoxx 50
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Amount: | $1,466,000
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Maturity: | July 2, 2027
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Coupon: | Payable quarterly at annual rate of 8% if each index closes at or above its 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 closes below 50% downside threshold, in which case full exposure to any losses of worse performing index
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Initial levels: | 2,419.38 for S&P, 1,403.522 for Russell, 3,538.32 for Stoxx
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Coupon thresholds: | 1,451.628 for S&P, 842.1132 for Russell, 2,122.992 for Stoxx, 60% of initial levels
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Downside thresholds: | 1,451.628 for S&P, 842.1132 for Russell, 2,122.992 for Stoxx, 60% of initial levels
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Call option: | At par on any optional redemption date after six months
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Pricing date: | June 27
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Settlement date: | June 30
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Agent: | Wells Fargo Securities LLC
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Fees: | 4.79%
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Cusip: | 94986R7B1
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