New Issue: Wells Fargo prices $13.69 million market-linked step-up notes on S&P 500

By Wendy Van Sickle

Columbus, Ohio, May 29 – Wells Fargo & Co. priced $13.69 million of market-linked step-up notes due June 1, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the notes are not called and the index finishes above the step-up value, 112.5% of the initial level, the payout at maturity will be par plus the index gain.

If the index gains by up to the step-up level, the payout will be par plus the step-up return of 12.5%.

Investors will be exposed to any losses.

BofA Merrill Lynch is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Market-linked step-up notes
Underlying index:	S&P 500
Amount:	$13,690,630
Maturity:	June 1, 2020
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If the index finishes above the step-up level, par plus the index gain; if the index gains by up to the step-up level, par plus 12.5%; full exposure to any losses
Initial level:	2,727.76
Step-up level:	3,068.73, 112.5% of initial level
Pricing date:	May 24
Settlement date:	June 1
Agent:	BofA Merrill Lynch
Fees:	2%
Cusip:	94988U532

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