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Wells Fargo plans contingent coupon market-tied autocalls on oil fund
By Susanna Moon
Chicago, Oct. 25 – Wells Fargo & Co. plans to price market-linked securities due Oct. 29, 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 annual rate of 8.5% to 9.5% if the underlying fund closes at or above its 75% coupon threshold on the observation date for that quarter.
The notes will be called at par plus annualized call premium of 15% to 16% if the fund closes at or above its initial level on any observation date after six months.
The payout at maturity will be par unless the fund 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.
The notes will price on Oct. 30 and settle on Nov. 2.
The Cusip number is 95001BAE4.
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