Published on 8/1/2019 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $15 million step-up callable notes with 2.75% initial rate
By Wendy Van Sickle
Columbus, Ohio, Aug. 1 – Wells Fargo & Co. priced $15 million of step-up callable notes due July 31, 2029, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 2.75% initially, stepping up to 3.25% on July 31, 2023 and to 4% on July 31, 2027. Interest is payable semiannually.
The payout at maturity will be par.
Beginning Jan. 31, 2021, 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: | $15 million
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Maturity: | July 31, 2029
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Coupon: | 2.75% initially, stepping up to 3.25% on July 31, 2023 and to 4% on July 31, 2027; 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 Jan. 31, 2021
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Pricing date: | July 26
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Settlement date: | July 30
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Agent: | Wells Fargo Securities, LLC
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Fees: | 2%
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Cusip: | 95001D4K3
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