Published on 8/4/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $2.85 million market-tied contingent coupon autocallables on indexes
By Susanna Moon
Chicago, Aug. 4 – Wells Fargo & Co. priced $2.85 million of market-linked securities – autocallable with contingent coupon and contingent downside due Aug. 2, 2019 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 5.25% if each index closes at or above its threshold level, 65% of its initial level, on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless any index finishes below its 65% threshold, in which case the payout will be par plus the return of the worst performing index with full exposure to any losses.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Wells Fargo & Co.
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| Issue: | Market-linked securities – autocallable with contingent coupon and contingent downside
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| Underlying indexes: | S&P 500 index, Russell 2000, Euro Stoxx 50
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| Amount: | $2,845,000
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| Maturity: | Aug. 2, 2019
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| Coupon: | 5.25% annualized, payable quarterly if each index closes at or above 65% coupon threshold on observation date for that quarter
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| Price: | Par
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| Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly observation date from January 2018 to April 2019
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| Payout at maturity: | Par unless any index falls by more than 35%, in which case par plus return of worst performing index
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| Initial index levels: | 2,472.1 for S&P, 1,429.26 for Russell and 3,467.73 for Stoxx
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| Thresholds: | 1,606.865 for S&P, 929.019 for Russell and 2,254.0245 for Stoxx; 65% of initial levels
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| Pricing date: | July 28
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| Settlement date: | Aug. 2
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 0.7%
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| Cusip: | 95000E2A6
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