Published on 12/31/2019 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $21.78 million step-up callables with 2.3% initial rate
By Wendy Van Sickle
Columbus, Ohio, Dec. 31 – Wells Fargo & Co. priced $21.78 million of step-up callable notes due Dec. 30, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2.3% initially, stepping up to 2.5% beginning June 30, 2023 and 3% on June 30, 2024. 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 Dec. 30, 2020 and ending Sept. 30, 2024.
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: | $21,776,000
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Maturity: | Dec. 30, 2024
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Coupon: | 2.3% initially, then 2.5% beginning June 30, 2023 and 3% on June 30, 2024
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par quarterly beginning Dec. 30, 2020 and ending Sept. 30, 2024
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Pricing date: | Dec. 26
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Settlement date: | Dec. 30
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Agent: | Wells Fargo Securities, LLC
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Fees: | 0.7% Cusip: | 95001D5M8
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