Published on 4/16/2018 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $2.44 million market-linked autocallables on indexes
By Marisa Wong
Morgantown, W.Va., April 16 – Wells Fargo & Co. priced $2.44 million of market-linked securities– autocallable with contingent coupon and contingent downside – due March 29, 2022 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 10.2% if each index closes at or above its 75% threshold level on the related quarterly observation date.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date from September 2018 to December 2021.
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.
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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 and Euro Stoxx 50
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| Amount: | $2,438,000
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| Maturity: | March 29, 2022
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| Coupon: | 10.2% annualized, payable each quarter that each index closes at or above threshold level 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: | At par if each index closes at or above its initial level on any quarterly observation date from September 2018 to December 2021
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| Initial levels: | 2,605.00 for S&P, 1,513.031 for Russell and 3,331.25 for Stoxx
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| Threshold levels: | 1,953.75 for S&P, 1,134.77325 for Russell and 2,498.4375 for Stoxx; 75% of initial levels
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| Pricing date: | March 28
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| Settlement date: | April 3
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 1.575%
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| Cusip: | 95001B2P8
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