New Issue: Wells Fargo sells $13.66 million market-linked step-up notes on S&P 500

By Marisa Wong

Morgantown, W.Va., April 12 – Wells Fargo & Co. priced $13.66 million of 0% market-linked step-up notes due March 26, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index increases above the step-up value, 113.91% of the initial value, the payout at maturity will be par plus the index gain.

If the index finishes flat or increases up to the step-up value, the payout will be par plus a fixed return of 13.91%.

Investors will be exposed to any declines in the index.

BofA Merrill Lynch is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Market-linked step-up notes
Underlying index:	S&P 500
Amount:	$13,655,060
Maturity:	March 26, 2021
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If the index finishes above the step-up level, par plus the index gain; if the index gains up to the step-up level, par plus 13.91%; exposure to any decline
Initial level:	2,815.44
Step-up value:	3,207.07, 113.91% of initial level
Pricing date:	March 28
Settlement date:	April 4
Underwriter:	BofA Merrill Lynch
Fees:	2%
Cusip:	94988U185

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