New Issue: Wells Fargo prices $10.44 million step-up callable notes with 2% initial rate

By Marisa Wong

Morgantown, W.Va., July 28 – Wells Fargo & Co. priced $10.44 million of step-up callable notes due July 29, 2026, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 2% for the first five years, stepping up to 2.5% on July 29, 2021, to 3.5% on July 29, 2023, to 4.5% on July 29, 2024 and to 6.5% on July 29, 2025. Interest will be payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any quarterly redemption date beginning July 29, 2021.

Wells Fargo Securities LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$10,435,000
Maturity:	July 29, 2026
Coupon:	2% for the first five years, stepping up to 2.5% on July 29, 2021, to 3.5% on July 29, 2023, to 4.5% on July 29, 2024 and to 6.5% on July 29, 2025; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par quarterly beginning July 29, 2021
Pricing date:	July 26
Settlement date:	July 29
Agent:	Wells Fargo Securities, LLC
Fees:	1.25%
Cusip:	94986RR86

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