New Issue: Wells Fargo sells $5 million step-up callable notes with 3% start rate

By Susanna Moon

Chicago, March 23 – Wells Fargo & Co. priced $5 million of step-up callable notes due March 22, 2029, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 3% for the first five years, stepping up to 3.5% on Feb. 24, 2022, to 4% on Feb. 24, 2024, to 5% on Feb. 24, 2025 and to 6.5% on Feb. 24, 2026. Interest will be payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any quarterly call date beginning March 22, 2021.

Wells Fargo Securities, LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$5 million
Maturity:	March 22, 2029
Coupon:	3% for the first five years, stepping up to 3.5% on March 22, 2022, to 4% on March 22, 2024, to 5% on March 22, 2026, to 6% on March 22, 2028 and to 7% on Sept. 22, 2028; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on any quarterly call date beginning March 22, 2021
Pricing date:	March 17
Settlement date:	March 22
Agent:	Wells Fargo Securities, LLC
Fees:	1.5%
Cusip:	95000N2E8

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