Published on 4/8/2020 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $185,000 contingent market-linked callables on three indexes
By Sarah Lizee
Olympia, Wash., April 8 – Wells Fargo Finance LLC prices $185,000 of market-linked securities due Jan. 5, 2024 – callable 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 if each index closes at or above its 70% coupon threshold on the observation date for that quarter. The contingent coupon will be 15.25% per year.
The notes are callable at par on any quarterly observation date after six months.
The payout at maturity will be par unless either index finishes below its 70% downside threshold, in which case the payout will be par plus the return of the worse performing index with full exposure to any losses.
Wells Fargo Securities LLC is the agent.
| Issuer: | Wells Fargo Finance LLC
|
| Guarantor: | Wells Fargo & Co.
|
| Issue: | Market linked securities – callable with contingent coupon and contingent downside
|
| Underlying indexes: | Dow Jones industrial average, Russell 2000 index and Nasdaq-100 index
|
| Amount: | $185,000
|
| Maturity: | Jan. 5, 2024
|
| Coupon: | 15.25% per year, payable quarterly, if each index closes at or above coupon threshold on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index falls by more than downside threshold, in which case 1% loss per 1% decline of worse performing index
|
| Call option: | At par on any interest payment date after six months
|
| Initial levels: | 22327.48 for Dow, 1158.317 for Russell, 7889.006 for Nasdaq
|
| Coupon thresholds: | 15629.236 for Dow, 810.8219 for Russell, 5522.3042 for Nasdaq; 70% of initial levels
|
| Downside thresholds: | 15629.236 for Dow, 810.8219 for Russell, 5522.3042 for Nasdaq; 70% of initial levels
|
| Pricing date: | March 30
|
| Settlement date: | April 2
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 0.375%
|
| Cusip: | 95001HGP0
|
|
|
© 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.
