By Cristal Cody
Tupelo, Miss., July 16 – Wells Fargo Bank NA sold $3.25 billion of senior bank notes (Aa2/AA-/AA-) in two tranches on Monday, according to a market source.
The bank priced $1.25 billion of floating-rate notes due July 23, 2021 at Libor plus 50 basis points.
Wells Fargo Bank sold $2 billion of 3.325% three-year fixed-to-floating rate notes at a Treasuries plus 73 bps spread. The notes will reset to a floating rate of Libor plus 49 bps after the initial fixed-rate period.
The bookrunner was Wells Fargo Securities LLC.
The bank is a subsidiary of San Francisco-based Wells Fargo & Co.
| Issuer: | Wells Fargo Bank NA
|
| Amount: | $3.25 billion
|
| Description: | Senior bank notes
|
| Bookrunner: | Wells Fargo Securities LLC
|
| Trade date: | July 16
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA-
|
| Fitch: AA-
|
|
|
| Three-year floaters
|
| Amount: | $1.25 billion
|
| Description: | Floating-rate notes
|
| Maturity: | July 23, 2021
|
| Coupon: | Libor plus 50 bps
|
|
|
| Three-year fixed/floaters
|
| Amount: | $2 billion
|
| Description: | Fixed-to-floating rate notes
|
| Maturity: | July 23, 2021
|
| Coupon: | 3.325%; converts to Libor plus 49 bps after initial fixed-rate period
|
| Spread: | Treasuries plus 73 bps
|
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