Wells Fargo’s 5.7% noncumulative preferreds begin trading on NYSE

By Stephanie N. Rotondo

Seattle, Feb. 1 – Wells Fargo & Co.’s $875 million issue of 5.7% series W class A noncumulative perpetual preferred stock – a deal priced Jan. 19 – was admitted to the New York Stock Exchange for trading on Monday, a market source reported.

The ticker symbol is “WFCPW.”

The issue included 35 million depositary shares, each representing a 1/1,000th interest in a share of noncumulative perpetual class A preferred stock.

There is a $125 million over-allotment option.

The preferreds are callable on any interest payment date on or after March 15, 2021 at par plus accrued dividends. Dividends are payable on the 15th day of March, June, September and December.

Wells Fargo & Co. LLC was the bookrunner. The joint lead managers were Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC, RBC Capital Markets and UBS Securities LLC.

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