By Wendy Van Sickle
Columbus, Ohio, Dec. 31 – Wells Fargo & Co. priced $2.31 million of 0% market linked securities – autocallable with contingent coupon and contingent downside due Dec. 27, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent coupon at an annualized rate of 8.6% if the index closes above its threshold level, 80% of its initial level, on any quarterly observation date.
The notes will be called at par plus the coupon if the index closes at or above its initial level on any observation date after six months.
The payout at maturity will be par unless the index finishes below its threshold, in which case investors will be exposed to any losses.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Wells Fargo & Co.
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| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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| Underlying index: | S&P 500
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| Amount: | $2.31 million
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| Maturity: | Dec. 27, 2022
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| Coupon: | 8.6%, payable quarterly if index finishes above threshold on observation date
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| Price: | Par
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| Payout at maturity: | Par unless index falls by more than 20%, in which case 1% loss for every 1% decline
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| Call: | At par if index closes at or above initial level on any observation date after six months
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| Initial level: | 2,416.62
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| Threshold level: | 1,933.296, 80% of initial level
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| Pricing date: | Dec. 21
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| Settlement date: | Dec. 27
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 2.32%
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| Cusip: | 22551LQE3
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