Published on 5/12/2021 in the Prospect News Green Finance Daily and Prospect News Investment Grade Daily.
New Issue: Wells Fargo sells $1 billion 0.805% fixed-to-floating sustainability notes due 2025
By Cristal Cody
Chicago, May 12 – Wells Fargo & Co. sold $1 billion sustainability notes due May 19, 2025 with a Treasuries plus 47 basis points spread, a market participant told Prospect News.
The notes priced low to talk in the Treasuries plus 70 bps to 75 bps area.
The notes start with an 0.805% coupon that resets to SOFR plus 51 bps.
Wells Fargo Securities, LLC, Academy Securities, Inc., CastleOak Securities, LP, Penserra Securities LLC, Samuel A. Ramirez & Co., Inc. and Siebert Williams Shank & Co., LLC are the bookrunners.
Proceeds will be applied toward inclusive communities projects and climate projects.
The financial services company is based in San Francisco.
| Issuer: | Wells Fargo & Co.
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| Issue: | Sustainability notes
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| Amount: | $1 billion
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| Maturity: | May 19, 2025
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| Bookrunners: | Wells Fargo Securities, LLC, Academy Securities, Inc., CastleOak Securities, LP, Penserra Securities LLC, Samuel A. Ramirez & Co., Inc. and Siebert Williams Shank & Co., LLC
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| Coupon: | 0.805% initial rate, resets to SOFR plus 51 bps
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| Spread: | Treasuries plus 47 bps
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| Trade date: | May 12
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| Price talk: | Treasuries plus 70 bps to 75 bps area
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