Published on 7/5/2018 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $7.8 million step-up notes tied to Russell 1000 Value
By Sarah Lizee
Olympia, Wash., July 5 – Wells Fargo & Co. priced $7.8 million of market-linked step-up notes due Jan. 27, 2023 linked to the Russell 1000 Value index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes above the step-up value, 138.02% 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 38.02%.
Investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
Issuer: | Wells Fargo & Co.
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Issue: | Market-linked step-up notes
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Underlying index: | Russell 1000 Value
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Amount: | $7,795,610
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Maturity: | Jan. 27, 2023
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Coupon: | 0%
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Price: | Par of $10
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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 38.02%; full exposure to any losses
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Initial level: | 1,187.488
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Step-up level: | 1,638.971, 138.02% of initial level
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Pricing date: | June 29
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Settlement date: | July 5
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Agent: | BofA Merrill Lynch
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Fees: | 2.5%
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Cusip: | 94988U516
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