Published on 9/27/2018 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $628,000 contingent coupon market-linked notes on two indexes
By Sarah Lizee
Olympia, Wash., Sept. 27 – Wells Fargo & Co. priced $628,000 of market-linked securities due Sept. 28, 2023 – callable with contingent coupon and contingent downside linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 5.25% if each index closes at or above its 60% threshold level on the related quarterly observation date.
The notes are callable at par on any contingent coupon payment date after one year.
The payout at maturity will be par unless either index finishes below its 60% downside threshold, in which case the payout will be par plus the return of the worst performing index with full exposure to any losses.
Wells Fargo Securities LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Market linked securities –callable with contingent coupon and contingent downside
|
| Underlying indexes: | S&P 500 index, Russell 2000 index
|
| Amount: | $628,000
|
| Maturity: | Sept. 28, 2023
|
| Coupon: | 5.25% annualized, payable each month that each index closes at or above threshold level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index falls by more than 40%, in which case 1% loss per 1% decline of worst performing index
|
| Call option: | At par on any contingent coupon payment date after one year
|
| Initial levels: | 2,915.56 for S&P, 1,708.805 for Russell
|
| Threshold levels: | 1,749.336 for S&P, 1,025.283 for Russell; 60% of initial levels
|
| Pricing date: | Sept. 25
|
| Settlement date: | Sept. 28
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | None
|
| Cusip: | 95001B6M1
|
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