Published on 3/4/2019 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $1.32 million contingent market-linked autocalls on S&P, Russell, Stoxx
By Wendy Van Sickle
Columbus, Ohio, March 4 – Wells Fargo Finance LLC priced $1.32 million of market-linked securities due March 10, 2027 – autocallable with contingent coupon and contingent downside linked to the least performing of the Euro Stoxx 50 index, the S&P 500 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 7% 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 March 2020.
The payout at maturity will be par unless any index finishes below its 50% downside threshold level, 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.
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| Guarantor: | 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 index, Euro Stoxx 50 index
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| Amount: | $1,315,000
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| Maturity: | March 10, 2027
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| Coupon: | 7% annualized, payable quarterly if each index closes at or above coupon threshold on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any index falls by more than 50%, in which case 1% loss per 1% decline of worst performing index
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| Call: | At par if each index closes at or above its initial level on any interest payment date beginning in March 2020
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| Initial levels: | 2,792.38 for S&P, 1,581.052 for Russell, 3,282.77 for Stoxx
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| Coupon thresholds: | 1,954.666 for S&P, 1,110.7364 for Russell, 2,297.939 for Stoxx, 70% of initial levels
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| Downside thresholds: | 1,396.19 for S&P, 790.526 for Russell, 1,641.385 for Stoxx, 50% of initial levels
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| Pricing date: | Feb. 27
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| Settlement date: | March 4
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 2.075%
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| Cusip: | 95001H3C3
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