Published on 9/6/2018 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $2.57 million of market-linked autocallables tied to SPDR S&P Oil
By Wendy Van Sickle
Columbus, Ohio, Sept. 6 – Wells Fargo & Co. priced $2.57 million of 0% market-linked securities due Sept. 7, 2021 – autocallable with contingent downside linked to the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annual premium of 12.75% if the fund closes at or above its initial level on any annual review date after one year.
If the notes are not called, the payout at maturity will be par unless the underlying asset finishes below its 75% downside threshold, in which case the payout will be par plus the return with full exposure to any losses.
Wells Fargo Securities LLC is the agent.
Issuer: | Wells Fargo & Co.
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Issue: | Market-linked securities due Sept. 7, 2021 – autocallable with contingent downside
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Underlying ETF: | SPDR S&P Oil & Gas Exploration & Production ETF
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Amount: | $2,565,000
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Maturity: | Sept. 7, 2021
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Coupon: | 0%
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Price: | Par
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Call: | At par plus an annual premium of 12.75% if the fund closes at or above its initial level on any annual review date after one year
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Payout at maturity: | Par unless the ETF finishes below its 75% downside threshold, in which case full exposure to any losses
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Initial level: | $42.62
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Threshold price: | $31.965, 75% of initial price
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Pricing date: | Aug. 30
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Settlement date: | Sept. 7
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Agents: | Wells Fargo Securities, LLC
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Fees: | 1.825%
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Cusip: | 95001B6B5
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