Published on 1/22/2019 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $5.9 million callable buffered notes linked to S&P, Russell
By Angela McDaniels
Tacoma, Wash., Jan. 22 – Wells Fargo Finance LLC priced $5.9 million of 0% callable market-linked securities with buffered downside with multiplier due July 22, 2020 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Wells Fargo & Co.
On July 17, 2019, the notes are optionally callable at 105.05% of par. On Jan. 22, 2020, the notes will be automatically called at 110.1% of par if the lesser-performing index closes at or above its initial level.
If the notes are not called and the lesser-performing index finishes at or above its initial level, the payout at maturity will be par plus 15.15%. If the lesser-performing index finishes below its initial level but at or above its threshold level, 80% of its initial level, the payout will be par plus 9%. If the lesser-performing index finishes below its threshold level, the payout will be (a) $1,000 multiplied by (b) the quotient of the lesser-performing index’s final level divided by its initial level multiplied by (c) 1.25.
Wells Fargo Securities LLC is the agent.
| Issuer: | Wells Fargo Finance LLC
|
| Guarantor: | Wells Fargo & Co.
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| Issue: | Callable market-linked securities with buffered downside with multiplier
|
| Underlying indexes: | Russell 2000 and S&P 500
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| Amount: | $5,903,000
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| Maturity: | July 22, 2020
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| Coupon: | 0%
|
| Price: | Par
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| Payout at maturity: | If lesser-performing index finishes at or above initial level, par plus 15.15%; if lesser-performing index finishes below initial level but at or above threshold level, par plus 9%; if lesser-performing index finishes below threshold level, (a) $1,000 multiplied by (b) quotient of lesser-performing index’s final level divided by its initial level multiplied by (c) 1.25
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| Call option: | Notes are optionally callable on July 17, 2019 at 105.05% of par
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| Automatic call: | Notes will be automatically called at 110.1% of par if lesser-performing index closes at or above initial level on Jan. 22, 2020
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| Initial index levels: | 2,616.10 for S&P 500 and 1,454.697 for Russell 2000 (closing levels on Jan. 16)
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| Downside thresholds: | 2,092.88 for S&P 500 and 1,163.7576 for Russell 2000; 80% of initial levels
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| Pricing date: | Jan. 17
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| Settlement date: | Jan. 22
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 0.05%
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| Cusip: | 95001H2E0
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