Published on 6/25/2019 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $500,000 contingent market-linked autocalls on Nasdaq, Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, June 22 – Wells Fargo Finance LLC priced $500,000 of market-linked securities due June 28, 2024 – autocallable with contingent coupon and contingent downside linked to the least performing of the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 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 of 5% if each index closes at or above its 70% coupon threshold on the observation date for that period.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date beginning in June 2020.
The payout at maturity will be par unless any index finishes below its 60% downside threshold, in which case investors will lose 1% for every 1% decline of the least performing index.
Wells Fargo Securities LLC is the agent.
| Issuer: | Wells Fargo Finance LLC.
|
| Guarantor: | Wells Fargo & Co.
|
| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
|
| Underlying indexes: | Dow Jones industrial average, Nasdaq-100 index, Russell 2000 index
|
| Amount: | $500,000
|
| Maturity: | June 28, 2024
|
| Coupon: | 5% annualized, payable quarterly if each index closes at or above coupon threshold on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless any index falls by more than 40%, in which case 1% loss per 1% decline of worst performing index
|
| Call: | At par if each index closes at or above its initial level on any interest payment date beginning in June 2020
|
| Initial levels: | 26,504.00 for Dow, 7,667.738 for Nasdaq-100, 1,555.579 for Russell 2000
|
| Coupon thresholds: | 18,552.8 for Dow, 5,367.4166 for Nasdaq-100, 1,088.9053 for Russell 2000, 70% of initial levels
|
| Downside thresholds: | 15,902.4 for Dow, 4,600.6428 for Nasdaq-100, 933.3474 for Russell 2000, 60% of initial levels
|
| Pricing date: | June 19
|
| Settlement date: | June 24
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 4%
|
|
|
| Cusip: | 95001H6A4
|
|
|
© 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.
