By Marisa Wong
Morgantown, W.Va., Oct. 10 – Wells Fargo & Co. priced $7.52 million of market-linked securities due Oct. 3, 2019 – autocallable with contingent coupon and contingent downside linked to the VanEck Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 9.9% if the fund closes at or above its 75% threshold on the observation date for that quarter.
The notes will be called at par if the fund closes at or above its initial level on any quarterly observation date from March 2018 through June 2019.
The payout at maturity will be par unless the fund finishes below its 75% threshold, in which case investors will lose 1% for each 1% decline.
Wells Fargo Securities LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Market-linked securities – autocallable with contingent coupon and contingent downside
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| Underlying fund: | VanEck Vectors Gold Miners ETF
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| Amount: | $7,515,000
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| Maturity: | Oct. 3, 2019
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| Coupon: | 9.9% annualized, payable each quarter that fund closes at or above threshold on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless fund falls by more than 25%, in which case full exposure to losses
|
| Call: | At par if fund closes at or above its initial level on any quarterly observation date from March 2018 to June 2019
|
| Initial price: | $23.16
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| Threshold: | $17.37, 75% of initial price
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| Pricing date: | Sept. 28
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| Settlement date: | Oct. 3
|
| Agent: | Wells Fargo Securities LLC
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| Fees: | 1.325%
|
| Cusip: | 95000E3D9
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