Published on 3/1/2012 in the Prospect News Investment Grade Daily.
New Issue: Wells Fargo sells $2.5 billion 3.5% 10-year notes to yield Treasuries plus 150 bps
By Andrea Heisinger
New York, March 1 - Wells Fargo & Co. priced $2.5 billion of 3.5% 10-year senior holding company notes on Thursday to yield 150 basis points over Treasuries, an informed source said.
The deal sold at the tight end of guidance, which was in the 150 bps to 155 bps range.
The notes (A2/A+/AA-) were sold at 99.782 to yield 3.526%.
The paper is non-callable.
Wells Fargo Securities LLC was the bookrunner.
Senior co-managers were Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.
Barclays Capital Inc., BMO Capital Markets Corp., CastleOak Securities LP, CIBC World Markets Corp., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., ING Financial Markets LLC, Lloyds Securities Inc., Loop Capital Markets LLC, nabSecurities LLC, National Bank of Canada Financial Inc., RBC Capital Markets LLC, Samuel A. Ramirez & Co., Inc., TD Securities (USA) LLC, UBS Securities LLC and Williams Capital Group LP were the junior co-managers.
Proceeds will be used for general corporate purposes.
The financial services company is based in San Francisco.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Senior holding company notes
|
| Amount: | $2.5 billion
|
| Maturity: | March 8, 2022
|
| Bookrunner: | Wells Fargo Securities LLC
|
| Senior co-managers: | Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
|
| Junior co-managers: | Barclays Capital Inc., BMO Capital Markets Corp., CastleOak Securities LP, CIBC World Markets Corp., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., ING Financial Markets LLC, Lloyds Securities Inc., Loop Capital Markets LLC, nabSecurities LLC, National Bank of Canada Financial Inc., RBC Capital Markets LLC, Samuel A. Ramirez & Co., Inc., TD Securities (USA) LLC, UBS Securities LLC, Williams Capital Group LP
|
| Coupon: | 3.5%
|
| Price: | 99.782
|
| Yield: | 3.526%
|
| Spread: | Treasuries plus 150 bps
|
| Call: | Non-callable
|
| Trade date: | March 1
|
| Settlement date: | March 8
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A+
|
| Fitch: AA-
|
| Price talk: | 150 bps to 155 bps
|
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