New Issue: Wells Fargo prices $5.19 million step-up notes with 2.3% initial rate

By Sarah Lizee

Olympia, Wash., Jan. 23 – Wells Fargo & Co. priced $5.19 million of step-up callable notes due Jan. 23, 2023, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 2.3% for the first three years, stepping up to 3.5% on Jan. 23, 2021, to 4% on July 23, 2021, to 4.5% on Jan. 23, 2022 and to 5% on July 23, 2022. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable in whole at par on any quarterly redemption date beginning on Jan. 23, 2021.

Wells Fargo Securities, LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$5.19 million
Maturity:	Jan. 23, 2023
Coupon:	2.3% initially, stepping up to 3.5% on Jan. 23, 2021, to 4% on July 23, 2021, to 4.5% on Jan. 23, 2022 and to 5% on July 23, 2022; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par in whole on any quarterly date beginning Jan. 23, 2021
Pricing date:	Jan. 19
Settlement date:	Jan. 23
Agent:	Wells Fargo Securities, LLC
Fees:	0.575%
Cusip:	95000N3P2

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