Published on 5/16/2019 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $10 million step-up callable notes with 3% initial rate
By Sarah Lizee
Olympia, Wash., May 16 – Wells Fargo & Co. priced $10 million of step-up callable notes due May 17, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3% initially, stepping up to 3.25% on May 17, 2022 and to 3.5% on May 17, 2023. Interest is payable semiannually.
The payout at maturity will be par.
Beginning May 17, 2020, the notes will be callable at par on any quarterly redemption date.
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: | $10 million
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| Maturity: | May 17, 2024
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| Coupon: | 3% initially, stepping up to 3.25% on May 17, 2022 and to 3.5% on May 17, 2023; payable semiannually
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| Price: | Par
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| Payout at maturity: | Par
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| Call option: | At par quarterly beginning May 17, 2020
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| Pricing date: | May 15
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| Settlement date: | May 17
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 0.25%
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| Cusip: | 95001D4H0
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