New Issue: Wells Fargo sells $6.76 million step-up notes with 2.5% initial rate

By Devika Patel

Knoxville, Tenn., Dec. 30 – Wells Fargo & Co. priced $6,756,000 of step-up callable notes due Dec. 30, 2029, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 2.5% initially, stepping up to 2.75% on June 30, 2024, to 3.25% on June 30, 2026 and to 4% on June 30, 2028. Interest will be payable semiannually.

The payout at maturity will be par.

The notes will be callable quarterly at par in whole but not in part beginning June 30, 2021 and ending Sept. 30, 2029.

Wells Fargo Securities, LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$6,756,000
Maturity:	Dec. 30, 2029
Coupon:	2.5% until June 29, 2024, 2.75% until June 30, 2026, 3.25% until June 29, 2028 and 4% after June 30, 2028
Price:	Par
Payout at maturity:	Par
Call option:	At par quarterly beginning June 30, 2021 and ending Sept. 30, 2029
Pricing date:	Dec. 26
Settlement date:	Dec. 30
Agent:	Wells Fargo Securities, LLC
Fees:	1.1%
Cusip:	95001D5P1

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