Wells Fargo plans two-year market-linked step-up notes on S&P 500

By Sarah Lizee

Olympia, Wash., July 26 – Wells Fargo & Co. plans to price 0% market-linked step-up notes due August 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index increases above the step-up value, 110% to 116% of the initial value, the payout at maturity will be par plus any gain in the index.

If the index is flat or increases up to the step-up value, the payout will be par plus a fixed return of 10% to 16%.

Investors will be exposed to any declines in the index.

BofA Merrill Lynch is the agent.

The notes will price in August and settle in September.

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