Published on 11/30/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $2.49 million market-linked autocallables on indexes
By Wendy Van Sickle
Columbus, Ohio, Nov. 30 – Wells Fargo & Co. priced $2.49 million of market-linked securities – autocallable with contingent coupon and contingent downside – due Nov. 30, 2027 linked to the least performing of the S&P 500 index, Russell 2000 index and Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate if each index closes at or above its 75% coupon threshold level on the observation date for that quarter. The coupon rate is 8.5% for the first five years, then 12.5% through maturity.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date from November 2018 to August 2027.
The payout at maturity will be par unless any index finishes below its 50% 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 – autocallable 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: | $2,494,000
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| Maturity: | Nov. 30, 2027
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| Coupon: | Payable each quarter that each index closes at or above coupon threshold on observation date for that quarter; annualized rate is 8.5% for first five years, 12.5% thereafter
|
| Price: | Par
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| Payout at maturity: | Par unless any index falls by more than 50%, in which case par plus return of worst performing index
|
| Call: | At par if each index closes at or above its initial level on any quarterly observation date from November 2018 to August 2027
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| Initial levels: | 2,601.42 for S&P, 1,513.309 for Russell, 3,564.02 for Euro Stoxx
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| Coupon thresholds: | 1,951.065 for S&P, 1,134.98175 for Russell, 2,673.015 for Euro Stoxx; 75% of initial levels
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| Thresholds: | 1,300.71 for S&P, 756.6545 for Russell, 1,782.01 for Euro Stoxx; 50% of initial levels
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| Pricing date: | Nov. 27
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| Settlement date: | Nov. 30
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 4.4%
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| Cusip: | 95000E4C0
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