Published on 2/13/2018 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $2.15 million 8.7% contingent market-linked autocalls on indexes
By Susanna Moon
Chicago, Feb. 13 – Wells Fargo & Co. priced $2.15 million of market-linked securities due Jan. 27, 2022 – autocallable with contingent coupon and contingent downside linked to the least performing of the S&P 500 index, 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 8.7% if each index closes at or above its 75% 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 observation date after six months.
The payout at maturity will be par unless any index finishes below its 75% threshold, 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.
|
| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
|
| Underlying indexes: | S&P 500, Russell 2000 and Euro Stoxx 50
|
| Amount: | $2,153,000
|
| Maturity: | Jan. 27, 2022
|
| Coupon: | 8.7% annualized, payable quarterly if each index closes at or above 75% threshold on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index falls by more than 25%, in which case 1% loss per 1% decline of worst performing index
|
| Call option: | At par if each index closes at or above its initial level on any interest payment date beginning in July 2018
|
| Initial levels: | 2,822.43 for S&P, 1,582.817 for Russell and 3,606.75 for Stoxx
|
| Thresholds: | 2,116.8225 for S&P, 1,187.11275 for Russell and 2,705.0625 for Stoxx; 75% of initial levels
|
| Pricing date: | Jan. 30
|
| Settlement date: | Feb. 2
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 1.575%
|
| Cusip: | 95000E5B1
|
|
|
|
|
© 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.
