By Susanna Moon
Chicago, Jan. 3 – Wells Fargo & Co. priced $4.96 million of 0% autocallable market-linked step-up notes due Dec. 22, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annual call premium of 6.33% if the index closes at or above its initial level on any annual observation date.
If the index finishes above the step-up level – 132.1% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 32.1%.
Investors will receive par if the index falls by up to 15% and will be exposed to any losses beyond the buffer.
BofA Merrill Lynch is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Autocallable market-linked step-up notes
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| Underlying index: | S&P 500
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| Amount: | $4,958,090
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| Maturity: | Dec. 22, 2023
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If index gains by more than 32.1%, par plus return; if index gains by up to 32.1%, par plus 32.1%; par if index falls by up to 15%; exposure to any losses beyond 15%
|
| Call: | At par plus 6.33% per year if the index closes at or above its initial level on any annual observation date
|
| Initial level: | 2,467.42
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| Step-up level: | 3,259.46, 132.1% of initial level
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| Pricing date: | Dec. 20
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| Settlement date: | Dec. 28
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| Underwriter: | BofA Merrill Lynch
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| Fees: | 2.5%
|
| Cusip: | 94988U292
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