Published on 7/31/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $5 million market-tied contingent coupon callables on indexes
By Susanna Moon
Chicago, July 31 – Wells Fargo & Co. priced $5 million of market-linked securities – callable with contingent coupon and contingent downside due July 30, 2019 linked to the least 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 monthly coupon at an annual rate of 6.6% if each index closes at or above its threshold level, 70% of its initial level, on the observation date for that month.
The notes are callable at par on any observation date after six months.
The payout at maturity will be par unless either index finishes below its 70% threshold level, in which case the payout will be par plus the return of the worst 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 index, Russell 2000
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| Amount: | $5 million
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| Maturity: | July 30, 2019
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| Coupon: | 6.6% annualized, payable monthly if each index closes at or above threshold level on observation date for that month
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| Price: | Par
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| Call option: | At par plus contingent coupon on any monthly observation date after six months
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| Payout at maturity: | Par unless either index falls by more than 30%, in which case par plus return of the worse performing index
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| Initial index levels: | 2,477.45 for S&P, 1,446.30 for Russell
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| Threshold levels: | 1,734.215 for S&P, 1,012.41 for Russell; 70% of initial levels
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| Pricing date: | July 25
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| Settlement date: | July 31
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| Agent: | Wells Fargo Securities LLC
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| Fees: | None
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| Cusip: | 95000E2G3
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