By Wendy Van Sickle
Columbus, Ohio, Aug. 9 – Wells Fargo & Co. priced $260,000 of market-linked securities due July 31, 2023 – autocallable with contingent coupon and contingent downside linked to the SPDR S&P Oil & Gas Exploration & Production ETF and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual of 10% if each fund closes at or above its 60% threshold on the observation date for that quarter.
The notes will be called at par if each fund closes at or above its initial level on any observation date after six months.
The payout at maturity will be par unless either fund finishes below its 60% threshold, in which case the payout will be par plus the return of the worse performing fund with full exposure to any losses.
Wells Fargo Securities LLC is the agent.
| Issuer: | Wells Fargo & Co.
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| Issue: | market-linked securities – autocallable with contingent coupon and contingent downside
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| Underlying assets: | SPDR S&P Oil & Gas Exploration & Production ETF and VanEck Vectors Gold Miners ETF
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| Amount: | $260,000
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| Maturity: | July 31, 2023
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| Coupon: | 10%, payable quarter if each fund closes at or above threshold on observation date
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| Price: | Par
|
| Payout at maturity: | Par unless either asset falls by more than 40%, in which case full exposure to loss of worse-performing fund
|
| Call: | At par if each fund closes at or above its initial level on any observation date after six months
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| Initial levels: | $43.13 for Oil & Gas, $21.39 for Gold Miners
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| Thresholds: | $53.576 for Oil & Gas, 1,341.2296 for Gold Miners; 60% of initial levels
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| Pricing date: | July 26
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| Settlement date: | July 31
|
| Agent: | Wells Fargo Securities LLC
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| Fees: | 3%
|
| Cusip: | 95001B5D2
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