By Aleesia Forni
New York, Jan. 22 – Wells Fargo Bank NA priced $3.5 billion of senior bank notes (Aa2/AA-/AA) on Friday in two parts, according to a market source.
There was $1.5 billion of 1.65% two-year notes sold at Treasuries plus 80 basis points. Pricing was at 99.971 to yield 1.665%.
The notes sold on top of guidance and inside initial talk set in the Treasuries plus 90 bps area.
Also, $2 billion of floating-rate two-year notes sold at par to yield Libor plus 74 bps. Talk was at the Libor equivalent to the fixed-rate tranche.
Proceeds will be used for general corporate purposes.
Wells Fargo Securities LLC was the bookrunner.
The bank is based in San Francisco.
| Issuer: | Wells Fargo Bank NA
|
| Issue: | Senior bank notes
|
| Amount: | $3.5 billion
|
| Bookrunners: | Wells Fargo Securities LLC
|
| Trade date: | Jan. 22
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA-
|
| Fitch: AA
|
|
|
| Two-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | Jan. 22, 2018
|
| Coupon: | 1.65%
|
| Price: | 99.971
|
| Yield: | 1.665%
|
| Spread: | Treasuries plus 80 bps
|
| Price guidance: | Treasuries plus 80 bps, tightened from Treasuries plus 90 bps area
|
|
|
| Two-year floaters
|
| Amount: | $2 billion
|
| Maturity: | Jan. 22, 2018
|
| Coupon: | Libor plus 74 bps
|
| Price: | Par
|
| Yield: | Libor plus 74 bps
|
| Price guidance: | Libor equivalent to fixed-rate notes
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
