Published on 8/28/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $9.2 million Leveraged Index Return Notes tied to index basket
By Wendy Van Sickle
Columbus, Ohio, Aug. 28 – Wells Fargo & Co. priced $9.2 million of 0% Leveraged Index Return Notes due Aug. 26, 2022 linked to a basket of unequally weighted indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket components are the Euro Stoxx 50 index with a 40% weight, the FTSE 100 index with a 20% weight, the Nikkei Stock Average index with a 20% weight, the Swiss Market index with a 7.5% weight, the S&P/ASX 200 index with a 7.5% weight and the Hang Seng index with a 5% weight.
If the basket return is positive, the payout at maturity will be par plus 2.29 times the basket return.
If the basket falls by up to 10%, the payout will be par.
Investors will lose 1% for each 1% decline beyond 10%.
BofA Merrill Lynch is the agent.
Issuer: | Wells Fargo & Co.
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Issue: | Leveraged Index Return Notes
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Underlying indexes: | Euro Stoxx 50 (40% weight), FTSE 100 (20% weight), Nikkei Stock Average (20% weight), Swiss Market (7.5% weight), S&P/ASX 200 (7.5% weight), Hang Seng (5% weight)
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Amount: | $9,195,130
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Maturity: | Aug. 26, 2022
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 229% of any basket gain; par if basket falls by up to 10%; otherwise, 1% loss for every 1% decline beyond 10%
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Initial index levels: | 3,444.73 for Euro Stoxx, 7,407.06 for FTSE, 19,353.77 for Nikkei, 8,943.04 for Swiss Market, 5,745.476 for S&P/ASX, 27,581.60 for Hang Seng
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Threshold level: | 90% of initial level
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Pricing date: | Aug. 24
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Settlement date: | Aug. 31
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Agent: | BofA Merrill Lynch
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Fees: | 2.5%
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Cusip: | 94988U615
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