By Wendy Van Sickle
Columbus, Ohio, Aug. 10 – Wells Fargo & Co. priced $4.5 million 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 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.
Issuer: | Wells Fargo & Co.
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Issue: | Callable range accrual securities with fixed percentage buffered downside
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Underlying index: | S&P 500
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Amount: | $4.5 million
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Maturity: | July 31, 2023
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Coupon: | 5.3% annualized for each day that index closes at or above threshold; payable monthly
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Price: | Par
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Payout at maturity: | Par unless index falls by more than 20%, in which case exposure to losses beyond 20%
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Call option: | At par on any interest payment date after a year
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Initial level: | 2,837.44
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Threshold: | 2,269.952, 80% of initial level
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Pricing date: | July 26
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Settlement date: | July 31
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Agent: | Wells Fargo Securities, LLC
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Fees: | 3.5%
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Cusip: | 95001B5E0
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