Published on 11/7/2019 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $1 million market-linked securities on S&P
By Kiku Steinfeld
Chicago, Nov. 7 – Wells Fargo Finance LLC priced $1 million of 0% leveraged upside participation and contingent downside market-linked securities due Oct. 26, 2023 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.
The payout at maturity will be par plus 150% of any index gain. Investors will receive par if the index declines but finishes at or above its downside threshold, 85% of its initial level. Otherwise, investors will be fully exposed to the loss of the index from its initial level.
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 – leveraged upside participation and contingent downside
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Underlying index: | S&P 500
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Amount: | $1,000,000
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Maturity: | Oct. 26, 2023
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 150% of any index gain; par if index declines but finishes at or above downside threshold; otherwise, full exposure to loss of index from its initial level
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Initial level: | 2986.20
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Downside threshold: | 2538.27, 85% of initial level
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Pricing date: | Oct. 21
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Settlement date: | Oct. 24
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Agent: | Wells Fargo Securities, LLC
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Fees: | 0.6%
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Cusip: | 95001HBR1
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