New Issue: Wells Fargo prices $23.58 million step-up callable notes with 1.25% initial rate

By Wendy Van Sickle

Columbus, Ohio, May 15 – Wells Fargo & Co. priced $23.58 million of step-up callable notes due May 15, 2022, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 1.25% initially, stepping up to 1.5% on May 15, 2021 and to 2% on Nov. 15, 2021. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par quarterly beginning May 15, 2021.

Wells Fargo Securities LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$23.58 million
Maturity:	May 15, 2022
Coupon:	1.25% initially, stepping up to 1.5% on May 15, 2021 and to 2% on Nov. 15, 2021; payable semiannually
Price:	Par; however, original offering price for eligible institutional investors will vary between $996 and par
Payout at maturity:	Par
Call option:	At par quarterly starting May 15, 2021
Pricing date:	May 13
Settlement date:	May 15
Agent:	Wells Fargo Securities, LLC
Fees:	0.25%
Cusip:	95001D7D6

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