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Wells Fargo plans range accrual market-linked buffer callables on S&P
By Susanna Moon
Chicago, July 13 – Wells Fargo & Co. plans to price 0% market linked securities – callable range accrual securities with fixed percentage buffered downside due July 31, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at a rate of at least 5.3% for each day that the index closes at or above its 80% threshold, payable monthly.
The notes are callable at par on any interest payment date after one year.
The payout at maturity will be par unless the index falls by more than 20%, in which case investors will be exposed to any losses beyond the buffer.
Wells Fargo Securities, LLC is the agent.
The notes will price on July 26 and settle on July 31.
The Cusip number is 95001B5E0.
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