Published on 10/18/2019 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $2.39 million step-up callable notes with 2% initial rate
By Angela McDaniels
Tacoma, Wash., Oct. 18 – Wells Fargo & Co. priced $2.39 million of step-up callable notes due Oct. 18, 2022, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 2% per year initially and will step up to 2.2% per year on April 18, 2022. Interest is payable semiannually.
The payout at maturity will be par.
Beginning April 18, 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: | $2,392,000
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Maturity: | Oct. 18, 2022
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Coupon: | 2% per year initially, stepping up to 2.2% per year on April 18, 2022; 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 April 18, 2020
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Pricing date: | Oct. 16
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Settlement date: | Oct. 18
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Agent: | Wells Fargo Securities, LLC
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Fees: | 0.35%
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Cusip: | 95001D5A4
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