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Wells Fargo plans Accelerated Return Notes tied to basket of stocks
By Sarah Lizee
Olympia, Wash., April 29 – Wells Fargo Finance LLC plans to price 0% Accelerated Return Notes due July 2020 linked to a basket of three equally weighted stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Wells Fargo & Co.
The underlying companies are Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley.
The payout at maturity will be par of $10 plus triple any basket gain, up to a maximum payout of par plus 20% to 24%.
Investors will lose 1% for each 1% basket decline.
BofA Merrill Lynch is the agent.
The notes will price in May.
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