Published on 1/5/2021 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $6 million step-up callable notes with 1.75% initial rate
By Marisa Wong
Los Angeles, Jan. 5 – Wells Fargo & Co. priced $6 million of step-up callable notes due Nov. 30, 2032, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 1.75% initially, stepping up to 2.25% on Nov. 30, 2028 and to 3% on Nov. 30, 2030. Interest is payable monthly.
The payout at maturity will be par.
The notes will be callable at par quarterly starting Nov. 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: | $6 million
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| Maturity: | Nov. 30, 2032
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| Coupon: | 1.75% initially, stepping up to 2.25% on Nov. 30, 2028 and to 3% on Nov. 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 Nov. 30, 2025
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| Pricing date: | Nov. 25
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| Settlement date: | Nov. 30
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| Agent: | Wells Fargo Securities, LLC
|
| Fees: | 1.5%
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| Cusip: | 95001DBC3
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