Published on 2/11/2020 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $1.1 million contingent market-linked autocalls on three indexes
By Sarah Lizee
Olympia, Wash., Feb. 11 – Wells Fargo Finance LLC priced $1.1 million of market-linked securities due Feb. 6, 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 are guaranteed by Wells Fargo & Co.
The notes will pay a contingent quarterly coupon at an annual rate of 6.4% if each index closes at or above its 70% coupon threshold on the observation date for that period.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date beginning in February 2021.
The payout at maturity will be par unless any index finishes below its 60% downside threshold, in which case investors will lose 1% for every 1% decline of the least performing index.
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 index and Nasdaq-100 index
|
| Amount: | $1.1 million
|
| Maturity: | Feb. 6, 2030
|
| Coupon: | 6.4% annualized, 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 downside threshold, in which case 1% loss per 1% decline of worst performing index
|
| Call: | At par if each index closes at or above its initial level on any interest payment date beginning in February 2021
|
| Initial levels: | 28,734.45 for Dow, 1,649.221 for Russell, 9,101.613 for Nasdaq
|
| Coupon thresholds: | 20,114.115 for Dow, 1,154.4547 for Russell, 6,371.1291 for Nasdaq, 70% of initial levels
|
| Downside thresholds: | 17,240.67 for Dow, 989.5326 for Russell, 5,460.9678 for Nasdaq, 60% of initial levels
|
| Pricing date: | Jan. 29
|
| Settlement date: | Jan. 31
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 3.125%
|
| Cusip: | 95001HEF4
|
|
|
© 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.
