By Susanna Moon
Chicago, April 23 – Wells Fargo & Co. priced $618,000 of market-linked securities due April 21, 2020 – autocallable with contingent coupon and contingent downside linked to the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.2% if the fund closes at or above its 75% coupon threshold on the observation date for that quarter.
The notes will be called at par if the fund closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless the fund finishes below its 75% downside threshold, in which case the payout will be par plus the return 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: | SPDR S&P Oil & Gas Exploration & Production ETF
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Amount: | $1,827,000
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Maturity: | April 21, 2020
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Coupon: | 9.2% annualized, payable quarterly if fund closes at or above 75% threshold on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless fund falls by more than 25%, in which case 1% loss per 1% decline
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Call: | At par if fund closes at or above its initial level on any interest payment date from October 2018 through January 2020
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Initial level: | $37.65
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Threshold: | $28.2375, 75% of initial level
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Pricing date: | April 16
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Settlement date: | April 19
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Agent: | Wells Fargo Securities LLC
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Fees: | 1.325%
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Cusip: | 95001B3A0
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