Published on 12/11/2019 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $17.68 million Accelerated Return Notes on basket of financial stocks
By Sarah Lizee
Olympia, Wash., Dec. 11 – Wells Fargo Finance LLC priced $17.68 million of 0% Accelerated Return Notes due Jan. 29, 2021 linked to a basket of financial sector stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of Citigroup Inc. with a 33.33% weight, JPMorgan Chase & Co. with a 33.33% weight and Morgan Stanley with a 33.33% weight.
The payout at maturity will be par of $10 plus 300% of any basket gain, subject to a maximum return of 23.55%. Investors will be exposed to any basket decline.
The notes are guaranteed by Wells Fargo & Co.
BofA Securities, Inc. is the underwriter.
Issuer: | Wells Fargo Finance LLC
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Guarantor: | Wells Fargo & Co.
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Issue: | Accelerated Return Notes
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Underlying stocks: | Citigroup Inc. with a 33.33% weight, JPMorgan Chase & Co. with a 33.33% weight and Morgan Stanley with a 33.33% weight
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Amount: | $17,682,320
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Maturity: | Jan. 29, 2021
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 300% of any basket gain, capped at 23.55%; exposure to any basket decline
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Initial share prices: | $75.46 1 for Citi, $131.67 for JPM, $49.41 for Morgan Stanley
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Pricing date: | Nov. 26
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Settlement date: | Dec. 4
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Agent: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 95002W792
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