Published on 12/10/2018 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $700,000 notes with averaging on index, ETF basket
By Sarah Lizee
Olympia, Wash., Dec. 10 – Wells Fargo & Co. priced $700,000 of 0% market-linked notes – upside participation with averaging and principal return at maturity due Dec. 5, 2023 linked to a basket of one index and five exchange-traded funds, according to a 424B2 filing with the Securities and Exchange Commission.
The basket components are the SPDR S&P 500 ETF trust with a 30% weight, the Invesco QQQ Trust, series 1 with a 20% weight, the SPDR S&P MidCap 400 ETF trust with a 15% weight, the Euro Stoxx 50 index with a 15% weight, the iShares MSCI Emerging Markets ETF with a 10% weight and the iShares Russell 2000 ETF with a 10% weight.
The basket’s final level will be the average of its closing levels on the 28th day of each February, May, August and November, beginning in February 2019 and ending in August 2023.
If the final basket level is greater than the initial index level, the payout at maturity will be par plus 112% of the basket return.
If the final basket level is less than or equal to the initial level, the payout will be par.
Wells Fargo Securities LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Market-linked notes
|
| Underlying basket: | SPDR S&P 500 ETF trust (30% weight), Invesco QQQ Trust, series 1 (20% weight), SPDR S&P MidCap 400 ETF trust (15% weight), Euro Stoxx 50 index (15% weight), iShares MSCI Emerging Markets ETF (10% weight) and iShares Russell 2000 ETF (10% weight)
|
| Amount: | $700,000
|
| Maturity: | Dec. 5, 2023
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If basket return is positive, par plus 112% of basket return; if basket return is negative, par
|
| Initial prices: | $275.65 for S&P ETF, $169.37 for Invesco, $342.74 for S&P MidCap, 3,173.13 for Stoxx, $41.08 for EM ETF, $152.62 for Russell ETF
|
| Final share prices: | For each asset, average of closing prices on 28th day of each February, May, August and November, beginning in February 2019 and ending in August 2023
|
| Pricing date: | Nov. 30
|
| Settlement date: | Dec. 7
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 2.62%
|
| Cusip: | 95001BAQ7
|
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