Published on 3/1/2020 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $43.53 million step-up callable notes with 1.9% initial rate
By Kiku Steinfeld
Chicago, March 2 – Wells Fargo & Co. priced $43.53 million of step-up callable notes due Feb. 28, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 1.9% initially, stepping up to 2.25% starting Feb. 27, 2022. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par quarterly beginning Aug. 28, 2020 and ending Nov. 28, 2022.
Wells Fargo Securities LLC is the agent.
Issuer: | Wells Fargo & Co.
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Issue: | Step-up callable notes
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Amount: | $43,529,000
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Maturity: | Feb. 28, 2023
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Coupon: | The interest rate is 1.9% initially, stepping up to 2.25% starting Feb. 27, 2022; payable semiannually
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Price: | Par; however, original offering price for eligible institutional investors will vary between $996.50 and par
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Payout at maturity: | Par
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Call option: | At par quarterly beginning Aug. 28, 2020
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Pricing date: | Feb. 26
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Settlement date: | Feb. 28
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Agent: | Wells Fargo Securities, LLC
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Fees: | 0.35%
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Cusip: | 95001D5W6
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