Published on 10/31/2019 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $38.13 million step-up callable notes with 2% initial rate
By Sarah Lizee
Olympia, Wash., Oct. 31 – Wells Fargo & Co. priced $38.13 million of step-up callable notes due April 30, 2021, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is initially 2% per year and steps up to 2.1% per year on April 30, 2020 and to 2.2% on Oct. 30, 2020. Interest is payable quarterly.
The payout at maturity will be par.
Beginning April 30, 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: | $38,125,000
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Maturity: | April 30, 2021
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Coupon: | 2% per year initially, steps up to 2.1% per year on April 30, 2020 and to 2.2% on Oct. 30, 2020; 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 30, 2020
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Pricing date: | Oct. 28
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Settlement date: | Oct. 30
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Agent: | Wells Fargo Securities, LLC
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Fees: | 0.225%
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Cusip: | 95001D5B2
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