Published on 5/8/2019 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $11.32 million 5.15% market-linked notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, May 8 – Wells Fargo Finance LLC priced $11.32 million of 5.15% market-linked securities – fixed coupon and buffered downside with multiplier due Nov. 5, 2020 linked to 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.
The payout at maturity will be par if neither index finishes below 80% of its initial level.
Otherwise, investors will lose 1.25% for each 1% decline in the lesser performing index beyond the buffer.
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: | Market-linked securities – fixed coupon and buffered downside with multiplier
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $11,315,000
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Maturity: | Nov. 5, 2020
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Coupon: | 5.15%
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Price: | Par
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Payout at maturity: | Par if lesser performing index gains, finishes flat or falls by up to 20%; otherwise, 1.25% loss for every 1% decline in lesser performing index beyond the buffer
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Initial level: | 2,923.73 for S&P, 1,576.379 for Russell
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Buffer level: | 2,338.984 for S&P, 1,261.1032 for Russell, 80% of initial level
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Pricing date: | May 2
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Settlement date: | May 7
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Agent: | Wells Fargo Securities LLC
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Fees: | 0.5%
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Cusip: | 95001H5P2
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