Wells Fargo plans contingent market-linked autocalls on two ETFs

By Sarah Lizee

Olympia, Wash., July 17 – Wells Fargo Finance LLC plans to price market-linked securities due Aug. 6, 2024 – autocallable with contingent coupon and contingent downside linked to the least performing of 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 be guaranteed by Wells Fargo & Co.

The notes will pay a contingent quarterly coupon at an annual rate of 10.3% if each ETF closes at or above its 65% coupon threshold on the observation date for that period.

The notes will be called at par if each ETF closes at or above its initial level on any quarterly observation date starting August 2020.

The payout at maturity will be par unless any ETF finishes below its 65% downside threshold, in which case the payout will be par plus the return of the worst performing ETF with full exposure to any losses.

Wells Fargo Securities LLC is the agent.

The notes will price on July 26.

The Cusip number is 95001H6K2.

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