Published on 8/6/2020 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $6.49 million step-up callable notes with 1.5% initial rate
By Wendy Van Sickle
Columbus, Ohio, Aug. 6 – Wells Fargo & Co. priced $6.49 million of step-up callable notes Oct. 31, 2029, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 1.5% initially, stepping up to 1.75% on July 31, 2025 and to 2% on July 31, 2028. Interest is payable monthly.
The payout at maturity will be par.
The notes will be callable at par quarterly starting July 31, 2023.
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: | $6,492,000
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Maturity: | Oct. 31, 2029
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Coupon: | 1.5% initially, stepping up to 1.75% on July 31, 2025 and to 2% on July 31, 2028; payable monthly
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Price: | Par; however, original offering price for eligible institutional investors will vary between $988 and par
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Payout at maturity: | Par
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Call option: | At par quarterly starting July 31, 2023
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Pricing date: | July 29
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Settlement date: | July 31
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Agent: | Wells Fargo Securities, LLC
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Fees: | 1.2%
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Cusip: | 95001DAY6
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