Wells Fargo plans contingent market-linked autocalls on biotech fund

By Susanna Moon

Chicago, May 22 – Wells Fargo & Co. plans to price market-linked securities due May 29, 2020 – autocallable with contingent coupon and contingent downside linked to the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 8.5% to 9.5% if the fund closes at or above its 60% coupon threshold on the observation date for that quarter.

The notes will be called at par if the fund closes at or above its initial level on any quarterly observation date after six months.

The payout at maturity will be par unless the fund finishes below its 75% downside threshold, in which case the payout will be par plus the return with full exposure to any losses.

Wells Fargo Securities LLC is the agent.

The notes will price on May 30.

The Cusip number is 95001B3Y8.

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