Published on 10/22/2019 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $1.25 million callable market-linked contingent notes Dow, Nasdaq, Russell
By Wendy Van Sickle
Columbus, Ohio, Oct. 22 – Wells Fargo Finance LLC priced $1.25 million of market-linked securities due Oct. 22, 2029 – callable with contingent coupon and contingent downside linked to the least performing of the Nasdaq-100 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Wells Fargo & Co.
The notes will pay a contingent quarterly coupon if each index closes at or above its 65% coupon threshold on the observation date for that period. The coupon will be 8.3% per year.
Wells Fargo may call the notes in whole at par quarterly after one year.
The payout at maturity will be par unless any index finishes below its 65% downside threshold, in which case the payout will be par plus the return of the worst performing index with full exposure to any losses.
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 – callable with contingent coupon and contingent downside
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| Underlying indexes: | Nasdaq-100 index, Dow Jones industrial average Russell 2000 index
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| Amount: | $1,251,000
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| Maturity: | Oct. 22, 2029
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| Coupon: | 8.3% per year, payable quarterly if each index closes at or above coupon threshold on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless any index falls by more than 35%, in which case 1% loss per 1% decline of worst performing index
|
| Call: | In whole at par quarterly after one year
|
| Initial levels: | 27,025.88 for Dow, 7,942.144 for Nasdaq, 1,541.844 for Russell
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| Coupon thresholds: | 17,566.822 for Dow, 5,162.3936 for Nasdaq, 1,002.1986 for Russell, 65% of initial levels
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| Downside thresholds: | 17,566.822 for Dow, 5,162.3936 for Nasdaq, 1,002.1986 for Russell, 65% of initial levels
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| Pricing date: | Oct. 17
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| Settlement date: | Oct. 22
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 1%
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| Cusip: | 95001HBN0
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