By Wendy Van Sickle
Columbus, Ohio, Sept. 7 – Wells Fargo & Co. priced $2.18 million of market-linked securities due Aug. 27, 2020 – autocallable with contingent coupon and 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 pay a contingent quarterly coupon at an annualized rate of 9% if the fund closes above its threshold price, 75% of its initial level, on the related observation date.
The notes will be called at par plus the coupon if the fund closes at or above its initial level on any quarterly review date after six months.
If the notes are not called, the payout at maturity will be par unless the fund finishes below its 75% 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.
|
| Issue: | Market-linked securities – autocallable with contingent coupon and contingent downside
|
| Underlying ETF: | SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $2,177,000
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| Maturity: | Aug. 27, 2020
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| Coupon: | 9%, payable quarterly if fund closes above its threshold price on the related observation date.
|
| Price: | Par
|
| Call: | At par plus coupon if the fund closes at or above its initial level on any quarterly review date after six months
|
| Payout at maturity: | Par unless the ETF finishes below its 75% downside threshold, in which case full exposure to any losses
|
| 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. 5
|
| Agents: | Wells Fargo Securities, LLC
|
| Fees: | 1.325%
|
| Cusip: | 95001B5S9
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