Published on 11/15/2020 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $3.06 million step-up callable notes with 1.5% initial rate
By Taylor Fox
New York, Nov. 16 – Wells Fargo & Co. priced $3.06 million of step-up callable notes due Oct. 30, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 1.5% initially, stepping up to 1.75% on Oct. 30, 2025, 2.5% on Oct. 30, 2028 and 3.5% Oct. 30, 2030. Interest is payable monthly.
The payout at maturity will be par.
The notes will be callable at par quarterly starting Oct. 30, 2025.
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: | $3,056,000
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Maturity: | Oct. 30, 2031
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Coupon: | 1.5% initially, stepping up to 1.75% on Oct. 30, 2025, 2.5% on Oct. 30, 2028 and 3.5% Oct. 30, 2030; payable monthly
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par quarterly starting Oct. 30, 2025
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Pricing date: | Oct. 28
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Settlement date: | Oct. 30
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Agent: | Wells Fargo Securities, LLC
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Fees: | 1.4%
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Cusip: | 95001DB74
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