By Cristal Cody
Tupelo, Miss., May 20 – Wells Fargo Bank NA sold $2.1 billion of senior bank notes (Aa2/AA-/AA-) in two tranches on Monday, according to a market source.
The bank priced $1 billion of three-year floating-rate notes at Libor plus 62 basis points.
A $1.1 billion tranche of 2.897% three-year fixed-to-floating rate notes priced with a Treasuries plus 68 bps spread. The notes will reset after the initial fixed-rate period to a floating rate of Libor plus 61 bps.
Wells Fargo Securities LLC was the bookrunner.
The bank is a subsidiary of San Francisco-based Wells Fargo & Co.
| Issuer: | Wells Fargo Bank NA
|
| Amount: | $2.1 billion
|
| Description: | Senior bank notes
|
| Bookrunner: | Wells Fargo Securities LLC
|
| Trade date: | May 20
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA-
|
| Fitch: AA-
|
|
|
| Three-year floaters
|
| Amount: | $1 billion
|
| Description: | Floating-rate notes
|
| Maturity: | May 27, 2022
|
| Coupon: | Libor plus 62 bps
|
|
|
| Three-year notes
|
| Amount: | $1.1 billion
|
| Description: | Fixed-to-floating rate notes
|
| Maturity: | May 27, 2022
|
| Coupon: | 2.897%; resets after initial fixed-rate period to a floating rate of Libor plus 61 bps
|
| Spread: | Treasuries plus 68 bps
|
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