Published on 12/23/2019 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $1.16 million of autocallables linked to indexes
By Devika Patel
Knoxville, Tenn., Dec. 23 – Wells Fargo Finance LLC priced $1.16 million of market-linked securities due Jan. 3, 2030 – autocallable with contingent coupon and contingent downside linked to the least performing of the Dow Jones industrial average, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7% if each index closes at or above its coupon threshold level, 75% of its initial level, on the observation date for that quarter.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any of the quarterly determination dates from December 2020 to September 2029, inclusive.
The payout at maturity will be par unless any index finishes below its 50% downside threshold level, in which case investors will lose 1% for each 1% decline of the worst-performing index from its initial level.
The notes are guaranteed by Wells Fargo & Co.
Wells Fargo Securities LLC is the agent.
| Issuer: | Wells Fargo Finance LLC
|
| Guarantor: | Wells Fargo & Co.
|
| Issue: | Market-linked securities – autocallable with contingent coupon and contingent downside
|
| Underlying indexes: | Dow Jones industrial average, Russell 2000 and Nasdaq-100
|
| Amount: | $1,155,000
|
| Maturity: | Jan. 3, 2030
|
| Coupon: | 7%, payable quarterly if each index closes at or above coupon threshold on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below downside threshold, in which case 1% loss for each 1% decline of least-performing index from initial level
|
| Call: | Automatically at par plus contingent payment if each index closes at or above initial level on any quarterly determination date from December 2020 to September 2029, inclusive
|
| Initial levels: | 28,376.96 for Dow, 1,667.094 for Russell and 8,641.291 for Nasdaq
|
| Coupon thresholds: | 21,282.72 for Dow, 1,250.3205 for Russell and 6,480.96825 for Nasdaq; 75% of initial levels
|
| Downside thresholds: | 14,188.48 for Dow, 833.547 for Russell and 4,320.6455 for Nasdaq; 50% of initial levels
|
| Pricing date: | Dec. 19
|
| Settlement date: | Dec. 24
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 3.375%
|
| Cusip: | 95001HD99
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
