By Susanna Moon
Chicago, June 8 – Wells Fargo & Co. priced $2.75 million of market-linked securities due May 29, 2020 – autocallable with contingent coupon and contingent downside linked to the least performing of 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 8.6% if the fund closes at or above its 75% 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.
| Issuer: | Wells Fargo & Co.
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| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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| Underlying fund: | SPDR S&P Biotech ETF
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| Amount: | $2,748,000
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| Maturity: | May 29, 2020
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| Coupon: | 8.6% annualized, payable quarterly if fund closes at or above 75% coupon threshold on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless fund falls by more than 25%, in which case 1% loss per 1% decline
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| Call: | At par if fund closes at or above its initial level on any interest payment date from November 2018 to February 2020
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| Initial level: | $94.16
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| Downside threshold: | $70.62, 75% of initial level
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| Pricing date: | May 30
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| Settlement date: | June 4
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 1.325%
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| Cusip: | 95001B3Y8
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