By Cristal Cody
Tupelo, Miss., May 15 – Wells Fargo & Co. sold $3 billion of 3.584% fixed-to-floating-rate notes (A2/A/AA-) on Monday at a spread of Treasuries plus 125 basis points, according to a market source.
The notes priced on the tight side of guidance of Treasuries plus 125 bps to Treasuries plus 127 bps.
The issue converts to a floating-rate of Libor plus 131 bps.
Wells Fargo Securities LLC was the bookrunner.
The financial services company is based in San Francisco.
| Issuer: | Wells Fargo & Co.
|
| Amount: | $3 billion
|
| Description: | Fixed-to-floating-rate notes
|
| Maturity: | May 22, 2028
|
| Bookrunner: | Wells Fargo Securities LLC
|
| Coupon: | 3.584%; converts to Libor plus 131 bps
|
| Spread: | Treasuries plus 125 bps
|
| Trade date: | May 15
|
| Call feature: | Non-callable 10 years
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: AA-
|
| Price guidance: | Treasuries plus 125 bps-127 bps
|
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