Published on 5/31/2022 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $15.98 million step-up callable notes with 3% initial rate
By Wendy Van Sickle
Columbus, Ohio, May 31 – Wells Fargo & Co. priced $15.98 million of step-up callable notes due May 27, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3% initially, stepping up to 4% on May 27, 2023 and to 5.1% on May 27, 2024. Interest is payable semiannually.
The notes will be callable at par semiannually starting May 27, 2023.
The payout at maturity will be par.
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: | $15,981,000
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Maturity: | May 27, 2025
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Coupon: | 3% initially, stepping up to 4% on May 27, 2023 and to 5.1% on May 27, 2024; 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 May 27, 2023
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Pricing date: | May 25
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Settlement date: | May 27
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Agent: | Wells Fargo Securities, LLC
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Fees: | 0.4%
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Cusip: | 95001DBQ2
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