Published on 2/1/2018 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $3.5 million callable market-linked notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, Feb. 1 – Wells Fargo & Co. priced $3.5 million of market-linked securities – callable with contingent coupon and contingent downside – due Oct. 30, 2019 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 month, the notes will pay a contingent coupon at an annual rate of 6.55% if each index closes at or above its 70% threshold level on the observation date for that month.
The notes will be callable at par on any contingent coupon payment date after six months.
The payout at maturity will be par unless either index finishes below its 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.
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| Issue: | Market-linked securities – callable with contingent coupon and contingent downside
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| Underlying indexes: | S&P 500, Russell 2000
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| Amount: | $3.5 million
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| Maturity: | Oct. 30, 2019
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| Coupon: | 6.55%, payable each month that each index closes at or above coupon threshold on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless either index falls by more than 30%, in which case par plus return of lesser-performing index
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| Call option: | At par on any contingent coupon payment date after six months
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| Initial levels: | 2,842.55 for S&P, 1,598.30 for Russell
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| Threshold levels: | 1,989.785 for S&P, 1,118.81 for Russell; 70% of initial levels
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| Pricing date: | Jan. 25
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| Settlement date: | Feb. 1
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| Agent: | Wells Fargo Securities LLC
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| Fees: | None
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| Cusip: | 95000E5P0
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