Published on 5/15/2020 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $4.21 million step-up callable notes with 2.1% initial rate
By Wendy Van Sickle
Columbus, Ohio, May 15 – Wells Fargo & Co. priced $4.21 million of step-up callable notes due May 15, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 2.1% initially, stepping up to 2.5% on May 15, 2024. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par quarterly beginning May 15, 2024.
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: | $4,213,000
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Maturity: | May 15, 2028
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Coupon: | 2.1% initially, stepping up to 2.5% on May 15, 2024; payable semiannually
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Price: | Par; however, original offering price for eligible institutional investors will vary between $996 and par
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Payout at maturity: | Par
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Call option: | At par quarterly starting May 15, 2024
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Pricing date: | May 13
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Settlement date: | May 15
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Agent: | Wells Fargo Securities, LLC
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Fees: | 1.05%
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Cusip: | 95001D7F1
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