Wells Fargo plans market-linked step-up notes linked to S&P 500 index

By Devika Patel

Knoxville, Tenn., Dec. 10 – Wells Fargo & Co. plans to sell 0% market-linked step-up notes due December 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is greater than the step-up value, 124% to 130% of the initial index level, the payout at maturity will be par plus the index return. The exact step-up value will be set at pricing.

If the final index level is greater than or equal to the initial level but less than or equal to the step-up value, the payout will be par plus the step-up payment of 24% to 30%. The exact step-up payment will be set at pricing.

If the final index level is less than the initial level, investors will lose 1% for each 1% decline.

BofA Merrill Lynch is the agent.

The notes will price and settle in December.

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