Published on 12/22/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $170,000 callable market-linked notes on S&P, Russell
By Tali Rackner
Minneapolis, Dec. 22 – Wells Fargo & Co. priced $170,000 of market-linked securities – callable with contingent coupon and contingent downside – due Dec. 2, 2025 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon if each index closes at or above its 75% coupon threshold level on the observation date for that quarter. The contingent coupon rate will be 6.5% for the first five years and 8% for the last three years.
The notes will be callable at par on any contingent coupon payment date after one year.
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 lesser-performing index with full exposure to any losses.
Wells Fargo Securities LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Market-linked securities – callable with contingent coupon and contingent downside
|
| Underlying indexes: | S&P 500, Russell 2000
|
| Amount: | $170,000
|
| Maturity: | Dec. 2, 2025
|
| Coupon: | 6.5% for years one through five, 8% for years six through eight; payable each quarter that each index closes at or above coupon threshold on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index falls by more than 60%, in which case par plus return of lesser-performing index
|
| Call option: | At par on any contingent coupon payment date after one year
|
| Initial levels: | 2,601.42 for S&P, 1,513.309 for Russell
|
| Coupon thresholds: | 1,951.065 for S&P, 1,134.98175 for Russell; 75% of initial levels
|
| Downside thresholds: | 1,560.852 for S&P, 907.9854 for Russell; 60% of initial levels
|
| Pricing date: | Nov. 27
|
| Settlement date: | Nov. 30
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 4.1%
|
| Cusip: | 95000E4B2
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
