Published on 10/30/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $3.58 million market-linked autocallables on indexes
By Marisa Wong
Morgantown, W.Va., Oct. 30 – Wells Fargo & Co. priced $3.58 million of market-linked securities – autocallable with contingent coupon and contingent downside – due Oct. 31, 2024 linked to the least performing of the S&P 500 index, Russell 2000 index and Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 8% if each index closes at or above its 72.5% threshold 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 from October 2018 to July 2024.
The payout at maturity will be par unless any index finishes below its 72.5% threshold level, 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, Russell 2000, Euro Stoxx 50
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| Amount: | $3,581,000
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| Maturity: | Oct. 31, 2024
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| Coupon: | 8% annualized, payable each quarter that each index closes at or above threshold on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless any index falls by more than 27.5%, in which case par plus return of worst performing index
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| Call: | At par if each index closes at or above its initial level on any quarterly observation date from October 2018 to July 2024
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| Initial levels: | 2,560.40 for S&P, 1,497.459 for Russell, 3,637.20 for Euro Stoxx
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| Thresholds: | 1,856.29 for S&P, 1,085.657775 for Russell, 2,636.97 for Euro Stoxx; 72.5% of initial levels
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| Pricing date: | Oct. 26
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| Settlement date: | Oct. 31
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 4%
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| Cusip: | 95000E3V9
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