Wells Fargo plans market-linked autocallables on S&P, Russell, Stoxx

By Susanna Moon

Chicago, Aug. 21 – Wells Fargo & Co. plans to price market-linked securities due Sept. 7, 2021 – autocallable with contingent coupon and contingent downside 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 6% to 7% if each index closes at or above its 65% coupon threshold on the observation date for that quarter.

The notes will be called at par if each index closes at or above the initial level on any quarterly observation date from August 2018 through May 2027.

The payout at maturity will be par unless either index finishes below its 65% 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.

The notes will price on Aug. 30 and settle on Sept. 5.

The Cusip number is 95000E2J7.

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