Wells Fargo plans 10%-11% contingent market-tied autocalls on stocks

By Susanna Moon

Chicago, Aug. 6 – Wells Fargo & Co. plans to price market-linked securities due Sept. 2, 2021 – autocallable with contingent coupon and contingent downside linked to the lowest performing of the common stocks of D.R. Horton, Inc., Deere & Co. and Xerox Corp., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent monthly coupon at an annual rate of 10% to 11% if each stock closes at or above its 50% coupon threshold on the observation date for that month.

The notes will be called at par if each stock closes at or above its 95% call threshold on any observation date from February 2019 to May 2021.

The payout at maturity will be par unless any stock finishes below its 50% downside threshold, in which case the payout will be par plus the return with full exposure to any losses to the worst performing stock.

Wells Fargo Securities LLC is the agent.

The notes will price on Aug. 28.

The Cusip number is 95001B5V2.

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