Wells Fargo plans 8.5%-9.5% contingent market-tied autocalls on stocks

By Susanna Moon

Chicago, Aug. 13 – Wells Fargo & Co. plans to price market-linked securities due Aug. 19, 2021 – autocallable with contingent coupon and contingent downside linked to the lowest performing of the common stocks of Philip Morris International Inc. and Altria Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 8.5% to 9.5% if each stock closes at or above its 60% coupon threshold on the observation date for that quarter.

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

The payout at maturity will be par unless either stock finishes below its 60% downside threshold, in which case the payout will be par plus the return with full exposure to any losses to the worse performing stock.

Wells Fargo Securities LLC is the agent.

The notes will price on Aug. 15.

The Cusip number is 95001B5Y6.

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