Published on 4/8/2020 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $7.22 million enhanced return notes on S&P 500
By Marisa Wong
Los Angeles, April 8 – Wells Fargo Finance LLC priced $7.22 million of 0% enhanced return securities with capped upside and one-to-one downside exposure due Oct. 27, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Wells Fargo & Co.
If the index’s final level is greater than the initial level, the payout at maturity will be par plus 300% of the index return, subject to a maximum settlement amount of $1,304.80 per $1,000 principal amount of notes. Investors will be fully exposed to any index decline.
Wells Fargo Securities LLC is the agent.
Issuer: | Wells Fargo Finance LLC
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Guarantor: | Wells Fargo & Co.
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Issue: | Enhanced return securities with capped upside and one-to-one downside exposure
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Underlying index: | S&P 500
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Amount: | $7,215,000
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Maturity: | Oct. 27, 2021
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 3 times any index gain, capped at par plus 30.48%; full exposure to any losses
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Initial level: | 2,630.07
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Pricing date: | March 26
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Settlement date: | April 2
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Agent: | Wells Fargo Securities, LLC
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Fees: | None
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Cusip: | 95001HHN4
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