Published on 10/28/2019 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $7.74 million buffered enhanced return notes linked to S&P 500
By Sarah Lizee
Olympia, Wash., Oct. 28 – Wells Fargo Finance LLC priced $7.74 million of 0% buffered enhanced return securities with capped upside and buffered downside due March 12, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index’s final level is greater than the initial level, the payout at maturity will be par plus 150% of the index return, subject to a maximum settlement amount of $1,163.95 per $1,000 principal amount of notes. Investors will receive par if the index declines by 10% or less and will lose 1.1111% for every 1% that it may decline beyond 10%.
The notes are guaranteed by Wells Fargo & Co.
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: | $7,744,000
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Maturity: | March 12, 2021
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index’s final level is greater than initial level, par plus 150% of index return, subject to maximum settlement amount of $1,163.95 per $1,000 principal amount of notes; par if index declines by 10% or less; 1.1111% loss for every 1% that index may decline beyond 10%
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Initial level: | 3,010.29
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Pricing date: | Oct. 24
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Settlement date: | Oct. 31
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Agent: | Wells Fargo Securities, LLC
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Fees: | None
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Cusip: | 95001HBT7
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