Published on 6/23/2023 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $20.56 million step-up callable notes with 5.5% initial rate
By William Gullotti
Buffalo, N.Y., June 23 – Wells Fargo & Co. priced $20.56 million of step-up callable notes due June 22, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 5.5% initially, stepping up to 5.7% on June 22, 2024 and to 6% on June 22, 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: | $20,554,000
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Maturity: | June 22, 2026
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Coupon: | 5.5% initially, stepping up to 5.7% on June 22, 2024 and to 6% on June 22, 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: | June 20
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Settlement date: | June 22
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Agent: | Wells Fargo Securities, LLC
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Fees: | 0.6%
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Cusip: | 95001DDH0
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