Published on 5/1/2019 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $23.33 million buffered enhanced return notes on S&P
By Sarah Lizee
Olympia, Wash., May 1 – Wells Fargo Finance LLC priced $23.33 million of buffered enhanced return securities with capped upside and buffered downside due July 14, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Wells Fargo & Co.
If the index return is positive, the payout at maturity will be par plus 180% of the index return, subject to a maximum payment of par plus 23.22%. Investors will receive par if the index falls by up to 15% and lose 1.1765% for every 1% decline in the index beyond 15%.
Wells Fargo Securities, LLC is the agent.
Issuer: | Wells Fargo Finance LLC
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Guarantor: | Wells Fargo & Co.
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Issue: | Buffered enhanced return securities with capped upside and buffered downside
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Underlying index: | S&P 500
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Amount: | $23,328,000
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Maturity: | July 14, 2021
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index return is positive, par plus 180% of index return, subject to maximum payment of par plus 23.22%; par if index falls by up to 15%; 1.1765% loss for every 1% decline in index beyond 15%
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Initial index level: | 2,939.88
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Buffer level: | 2,498.898, 85% of initial level
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Pricing date: | April 26
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Settlement date: | May 3
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Agent: | Wells Fargo Securities, LLC
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Fees: | None
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Cusip: | 95001H4Z1
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