By Cristal Cody
Tupelo, Miss., Aug. 8 – Wells Fargo Bank NA sold $2.75 billion of 3.55% senior bank notes (Aa2/A+/AA-) at a spread of 75 basis points over Treasuries on Tuesday, according to a market source.
The notes were initially talked to price in the Treasuries plus 90 bps to 95 bps area.
Wells Fargo Securities LLC was the bookrunner.
The bank is a subsidiary of San Francisco-based Wells Fargo & Co.
| Issuer: | Wells Fargo Bank NA
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| Amount: | $2.75 billion
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| Description: | Senior notes
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| Maturity: | Aug. 14, 2023
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| Bookrunner: | Wells Fargo Securities LLC
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| Coupon: | 3.55%
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| Spread: | Treasuries plus 75 bps
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| Trade date: | Aug. 7
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| Ratings: | Moody’s: Aa2
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| S&P: A+
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| Fitch: AA-
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| Price guidance: | Treasuries plus 90-95 bps area
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