Published on 5/3/2022 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $5.4 million step-up callable notes with 3.5% initial rate
By Wendy Van Sickle
Columbus, Ohio, May 3 – Wells Fargo & Co. priced $5.4 million of step-up callable notes due April 29, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3.5% initially, stepping up to 4% on April 29, 2024 and to 5.15% on April 29, 2026. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par semiannually starting April 29, 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: | $5,398,000
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Maturity: | April 29, 2027
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Coupon: | 3.5% initially, stepping up to 4% on April 29, 2024 and to 5.15% on April 29, 2026; payable semiannually
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par semiannually starting April 29, 2024
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Pricing date: | April 27
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Settlement date: | April 29
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Agent: | Wells Fargo Securities, LLC
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Fees: | 1.05%
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Cusip: | 95001DBF6
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