By Cristal Cody
Chicago, Dec. 5 – Wells Fargo Bank NA priced $2.75 billion of bank notes with a three-year tenor on Monday in two parts, according to information from a market source.
The first part of the offering was a floater that priced as $500 million of notes with a coupon based on SOFR plus 107 basis points.
The bulk of the offering was $2.25 billion of 5.254% notes that priced at a spread of 85 bps over Treasuries. Initial talk was in the 105 bps area.
Wells Fargo Securities LLC was the bookrunner.
The financial services company is based in San Francisco.
| Issuer: | Wells Fargo Bank NA
|
| Amount: | $2.75 billion
|
| Maturity: | Dec. 11, 2026
|
| Bookrunner: | Wells Fargo Securities LLC
|
| Trade date: | Dec. 4
|
|
|
| Floaters
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| Amount: | $500 million
|
| Issue: | Floating-rate bank notes
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| Coupon: | SOFR plus 107 bps
|
| Price talk: | SOFR plus equivalent spread
|
|
|
| Fixed-rate notes
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| Amount: | $2.25 billion
|
| Issue: | Bank notes
|
| Coupon: | 5.254%
|
| Spread: | Treasuries plus 85 bps
|
| Price talk: | Treasuries plus 105 bps area
|
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