Published on 12/15/2016 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $5 million step-up callable notes with 3.5% start rate
By Susanna Moon
Chicago, Dec. 15 – Wells Fargo & Co. priced $5 million of step-up callable notes due Dec. 15, 2036, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3.5% for the first 10 years, stepping up to 4% on Dec. 14, 2026, to 5% on Dec. 14, 2031 and to 7% on Dec. 14, 2034. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any quarterly call date after four years.
Wells Fargo Securities, LLC is the agent.
Issuer: | Wells Fargo & Co.
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Issue: | Step-up callable notes
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Amount: | $5 million
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Maturity: | Dec. 15, 2036
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Coupon: | 3.5% initially, stepping up to 4% on Dec. 14, 2026, to 5% on Dec. 14, 2031 and to 7% on Dec. 14, 2034
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on any quarterly call date after four years
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Pricing date: | Dec. 9
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Settlement date: | Dec. 14
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Agent: | Wells Fargo Securities, LLC
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Fees: | 2.25%
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Cusip: | 94986R2R1
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