Published on 5/11/2023 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $12.37 million step-up callable notes with 5.1% initial rate
By Wendy Van Sickle
Columbus, Ohio, May 11 – Wells Fargo & Co. priced $12.37 million of step-up callable notes due April 28, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 5.1% initially, stepping up to 5.3% on April 28, 2024 and to 5.7% on April 28, 2025. 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: | $12,373,000
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Maturity: | April 28, 2026
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Coupon: | 5.1% initially, stepping up to 5.3% on April 28, 2024 and to 5.7% on April 28, 2025; 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: | April 26
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Settlement date: | April 28
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Agent: | Wells Fargo Securities, LLC
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Fees: | 0.4%
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Cusip: | 95001DD56
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