By Andrea Heisinger
New York, June 20 - Wells Fargo & Co. sold $2.75 billion of notes (A2/A+/AA-) in two tranches on Wednesday, a source close to the trade said.
The $750 million of three-year floating-rate notes priced at par to yield Libor plus 92 basis points.
A second part was $2 billion of 1.5% three-year notes priced at 99.804 to yield 1.567% with a spread of Treasuries plus 115 bps.
The fixed-rate notes were sold tighter than whispered guidance in the 120 bps to 125 bps range and at the low end of revised talk of 115 bps to 120 bps. The floating-rate tranche was talked at the Libor equivalent, the source said.
Both tranches are non-callable.
Wells Fargo Securities LLC ran the books.
The financial services company is based in San Francisco.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Notes
|
| Amount: | $2.75 billion
|
| Bookrunner: | Wells Fargo Securities LLC
|
| Trade date: | June 20
|
| Settlement date: | June 27
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A+
|
| Fitch: AA-
|
|
|
| Three-year floaters
|
| Amount: | $750 million
|
| Maturity: | June 26, 2015
|
| Coupon: | Libor plus 92 bps
|
| Price: | Par
|
| Yield: | Libor plus 92 bps
|
| Call: | Non-callable
|
|
|
| Three-year fixed-rate notes
|
| Amount: | $2 billion
|
| Maturity: | July 15, 2015
|
| Coupon: | 1.5%
|
| Price: | 99.804
|
| Yield: | 1.567%
|
| Spread: | Treasuries plus 115 bps
|
| Call: | Non-callable
|
| Price talk: | 120 bps to 125 bps (whispered), 115 bps to 120 bps (revised)
|
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