New Issue: Wells Fargo prices $5 million step-up callables with a 3% initial rate

By Devika Patel

Knoxville, Tenn., Nov. 18 – Wells Fargo & Co. priced $5 million of step-up callable notes due Nov. 21, 2034, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 3% initially, stepping up to 3.5% on Nov. 20, 2023, to 4% on Nov. 20, 2029 and to 5% on Nov. 20, 2032. Interest will be payable semiannually.

The payout at maturity will be par.

The notes will be callable quarterly at par from Nov. 21, 2020 through Aug. 21, 2034.

Wells Fargo Securities, LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$5 million
Maturity:	Nov. 21, 2034
Coupon:	3% until Nov. 20, 2023, 3.5% until Nov. 20, 2029, 4% until Nov. 20, 2032 and 5% after Nov. 20, 2032
Price:	Par of $1,000
Payout at maturity:	Par
Call option:	At par quarterly from Nov. 21, 2020 through Aug. 21, 2034
Pricing date:	Nov. 16
Settlement date:	Nov. 21
Agent:	Wells Fargo Securities, LLC
Fees:	2%
Cusip:	94986RZ53

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