By Cristal Cody
Tupelo, Miss., Sept. 19 – Wells Fargo Bank NA sold $1 billion of floating-rate notes due March 25, 2020 (Aa2/A+/AA-) at the Secured Overnight Financing Rate plus 48 basis points on Tuesday, according to a market source.
The notes were guided to price at SOFR plus 50 bps, plus or minus 2 bps, and were initially talked to price in the SOFR plus 55 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: | $1 billion
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Description: | Floating-rate notes
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Maturity: | March 25, 2020
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Bookrunner: | Wells Fargo Securities LLC
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Coupon: | SOFR plus 48 bps
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Trade date: | Sept. 18
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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: | SOFR plus 50 bps, plus or minus 2 bps; initially talked at SOFR plus 55 bps area
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