Published on 3/14/2023 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $12.59 million step-up callable notes with 5.45% initial rate
By Wendy Van Sickle
Columbus, Ohio, March 14 – Wells Fargo & Co. priced $12.59 million of step-up callable notes due March 10, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 5.45% initially, stepping up to 5.65% on March 10, 2025 and to 6.55% on March 10, 2026. Interest is payable semiannually.
The notes will be callable at par semiannually after one year.
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: | $12,592,000
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Maturity: | March 10, 2027
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Coupon: | 5.45% initially, stepping up to 5.65% on March 10, 2025 and to 6.55% on March 10, 2026; payable semiannually
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Price: | Par
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Payout at maturity: | Par
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Call option: | Semiannually at par after one year
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Pricing date: | March 8
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Settlement date: | March 10
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Agent: | Wells Fargo Securities, LLC
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Fees: | 0.8%
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Cusip: | 95001DD23
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