New Issue: Wells Fargo sells $1.67 million buffered enhanced notes on iShares EM

By Marisa Wong

Morgantown, W.Va., July 26 – Wells Fargo & Co. priced $1.67 million of buffered enhanced return securities with capped upside and buffered downside due June 24, 2020 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the ETF return is positive, the payout at maturity will be par plus 150% of the ETF return, subject to a maximum payment of par plus 30%. Investors will receive par if the ETF falls by up to 15% and lose 1.1765% for every 1% decline in the ETF beyond 15%.

Wells Fargo Securities, LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Buffered enhanced return securities with capped upside and buffered downside
Underlying ETF:	iShares MSCI Emerging Markets ETF
Amount:	$1,665,000
Maturity:	June 24, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	If ETF return is positive, par plus 150% of ETF return, subject to maximum payment of par plus 30%; par if ETF falls by up to 15%; 1.1765% loss for every 1% decline in ETF beyond 15%
Initial value:	$43.96
Buffer value:	$37.366, 85% of initial value
Pricing date:	July 20
Settlement date:	July 27
Agent:	Wells Fargo Securities, LLC
Fees:	None
Cusip:	95001B5L4

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