By Susanna Moon
Chicago, July 24 – Wells Fargo & Co. priced $3.5 million of autocallable access securities with contingent coupon and contingent downside due July 28, 2017 linked to the SPDR S&P Homebuilders exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at the rate of 5.76% per year if the fund closes at or above the trigger, 70% of the initial share price, on the review date for that quarter.
The notes will be called at par plus the contingent coupon if the fund closes at or above the initial level on any quarterly review date.
The payout at maturity will be par unless the fund finishes below the 70% trigger level, in which case investors will be fully exposed to any losses.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Autocallable access securities with contingent coupon and contingent downside Underlying fund: | SPDR S&P Homebuilders ETF
|
| Amount: | $3.5 million
|
| Maturity: | July 28, 2017
|
| Coupon: | 5.76% per year, payable quarterly if fund closes at or above threshold share price on calculation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If fund finishes above trigger, par; otherwise, full exposure to any losses
|
| Call: | At par plus contingent coupon if fund closes at or above initial level on any quarterly review date from January 2016 to April 2017
|
| Initial level: | $37.19
|
| Trigger level: | $26.033, 70% of initial level
|
| Pricing date: | July 22
|
| Settlement date: | July 29
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | None
|
| Cusip: | 94986RYD7
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
