By Wendy Van Sickle
Columbus, Ohio, Nov. 6 – Wells Fargo & Co. priced $3.47 million of market-linked securities due Nov. 3, 2021 – autocallable with contingent coupon and contingent downside linked to the lowest performing of the common stocks of Honeywell International Inc. and General Electric Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.5% if each stock closes at or above its 50% coupon threshold on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any observation date from April 2019 to July 2021.
The payout at maturity will be par unless any stock finishes below its 50% downside threshold, in which case the payout will be par plus the return with full exposure to any losses to the worst performing stock.
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 stocks: | Honeywell International Inc. and General Electric Co.
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| Amount: | $3,466,000
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| Maturity: | Nov. 3, 2021
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| Coupon: | 9.5% annualized, payable quarterly if each stock closes at or above 50% coupon threshold on observation date for that quarter
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| Price: | Par
|
| Payout at maturity: | Par unless any stock falls by more than 50%, in which case 1% loss per 1% decline of worst performing stock
|
| Call: | At par if each stock closes at or above its initial level on any interest payment date from April 2019 to July 2021
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| Initial levels: | $141.06 for Honeywell and $11.16 for General Electric
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| Downside thresholds: | $70.53 for Honeywell and $5.58 for General Electric, 50% of initial levels
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| Pricing date: | Oct. 29
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| Settlement date: | Oct. 31
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 2.5%
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| Cusip: | 95001BAJ3
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