Wells Fargo postpones sale of 10-year senior notes until Wednesday

By Cristal Cody

Eureka Springs, Ark., Oct. 18 – Wells Fargo & Co. postponed a planned sale of 10-year senior notes (A2/A/AA-) until Wednesday’s session following S&P’s outlook change on the company, according to a market source on Tuesday.

Wells Fargo Securities, LLC is the bookrunner for notes, which will mature Oct. 23, 2026.

S&P announced on Tuesday that it revised its outlook on Wells Fargo to negative from stable based on increased business risks, including reputational issues from the Sept. 8 news accounts of the company’s retail accounts sales misconduct.

Proceeds from the deal will be added to the company’s general funds and will be available for general corporate purposes, according to a 424B2 filing with the Securities and Exchange Commission on Tuesday.

The retail, commercial and corporate banking services provider is based in San Francisco.

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