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Wells Fargo plans Accelerated Return Notes linked to financial stocks
By Angela McDaniels
Tacoma, Wash., Oct. 25 – Wells Fargo Finance LLC plans to price 0% Accelerated Return Notes due January 2021 linked to a basket of financial sector stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket is comprised of the common stock of Morgan Stanley with a weight of 33.34%, the common stock of Citigroup Inc. with a 33.33% weight and the common stock of JPMorgan Chase & Co. with a 33.33% weight.
The payout at maturity will be par of $10 plus triple any basket gain, up to a maximum return that is expected to be 21% to 25% and will be set at pricing. Investors will be exposed to any basket decline.
BofA Securities, Inc. is the underwriter.
The notes will price in November and settle in December.
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