Published on 7/31/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $2.92 million market-linked autocallables on Russell, Stoxx
By Wendy Van Sickle
Columbus, Ohio, July 31 – Wells Fargo & Co. priced $2.92 million of 0% market linked securities – autocallable with contingent coupon and contingent downside due July 30, 2027 linked to the lower performing of 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 7% if each index closes at or above the 60% 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 one year.
The payout at maturity will be par unless any index falls below the 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: | Euro Stoxx 50, Russell 2000
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Amount: | $2.92 million
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Maturity: | July 30, 2027
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Coupon: | 7% annualized, payable quarterly if each index closes at or above 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 40%, 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 after one year
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Initial index levels: | 3,493.14 for Stoxx, 1,433.624 for Russell,
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Thresholds: | 2,095.884 for Stoxx, 860.1744 for Russell, 60% of initial levels
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Pricing date: | July 27
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Settlement date: | July 31
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Agent: | Wells Fargo Securities LLC
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Fees: | 3.704%
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Cusip: | 95000E2E8
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