New Issue: Wells Fargo sells $7.8 million step-up notes tied to Russell 1000 Value

By Sarah Lizee

Olympia, Wash., July 5 – Wells Fargo & Co. priced $7.8 million of market-linked step-up notes due Jan. 27, 2023 linked to the Russell 1000 Value index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes above the step-up value, 138.02% of the initial level, the payout at maturity will be par plus the index gain.

If the index gains by up to the step-up level, the payout will be par plus the step-up return of 38.02%.

Investors will be exposed to any losses.

BofA Merrill Lynch is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Market-linked step-up notes
Underlying index:	Russell 1000 Value
Amount:	$7,795,610
Maturity:	Jan. 27, 2023
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If the index finishes above the step-up level, par plus the index gain; if the index gains by up to the step-up level, par plus 38.02%; full exposure to any losses
Initial level:	1,187.488
Step-up level:	1,638.971, 138.02% of initial level
Pricing date:	June 29
Settlement date:	July 5
Agent:	BofA Merrill Lynch
Fees:	2.5%
Cusip:	94988U516

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