By Wendy Van Sickle
Columbus, Ohio, March 28 – Wells Fargo & Co. priced $3.37 million of market-linked securities – autocallable with contingent coupon and contingent downside due March 25, 2020 linked to the iShares MSCI Brazil exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at a rate of 13% per year if the fund closes at or above 75% of its initial price on the related quarterly observation date.
After six months, the notes will be called at par if the fund closes at or above its initial price on any quarterly observation date prior to maturity.
The payout at maturity will be par unless the fund finishes below its 75% threshold, in which case investors will be fully exposed to the decline below the initial price.
Wells Fargo Securities, LLC is the agent.
The notes will price on March 23.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
|
| Underlying fund: | iShares MSCI Brazil exchange-traded fund
|
| Amount: | $3,365,000
|
| Maturity: | March 25, 2020
|
| Coupon: | 13%, payable quarterly if fund closes above threshold on calculation date
|
| Price: | Par
|
| Payout at maturity: | Par unless fund falls by more than 25%, in which case 1% loss for every 1% decline
|
| Call: | At par if fund closes at or above initial level on any quarterly calculation date after six months
|
| Initial level: | $43.86
|
| Threshold price: | $32.895, 75% of initial price
|
| Pricing date: | March 23
|
| Settlement date: | March 28
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 1.325%
|
| Cusip: | 95001B2U7
|
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