New Issue: Wells Fargo prices $2.23 million of market-linked notes with cap on oil & gas ETF

By Wendy Van Sickle

Columbus, Ohio, July 23 – Wells Fargo & Co. priced $2.23 million of 0% market-linked notes with leveraged upside participation to a cap and contingent downside due Jan. 6, 2022 linked to the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filed with the Securities and Exchange Commission.

The payout at maturity will be par plus 1.5 times any ETF gain, up to a maximum payout of par plus 66%.

Investors will receive par if the ETF falls by up to 25% and will be fully exposed to losses if the ETF falls by more than 25%.

Wells Fargo Securities, LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Market-linked notes with leveraged upside participation to a cap and contingent downside
Underlying ETF:	SPDR S&P Oil & Gas Exploration & Production ETF
Amount:	$2,225,000
Maturity:	Jan. 6, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 1.5 times any ETF gain, with payout capped at par plus 66%; par if ETF falls by up to 25%; full exposure to losses if ETF falls by more than 25%
Initial level:	$43.06
Threshold price:	$32.295, 75% of initial price
Pricing date:	June 29
Settlement date:	July 5
Agents:	Wells Fargo Securities, LLC
Fees:	2.075%
Cusip:	95001B4Q4

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