Published on 6/1/2023 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $8.98 million step-up callable notes with 5.2% initial rate
By William Gullotti
Buffalo, N.Y., June 1 – Wells Fargo & Co. priced $8.98 million of step-up callable notes due May 30, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 5.2% initially, stepping up to 5.45% on May 30, 2024 and to 5.75% on May 30, 2025. Interest is payable semiannually.
The notes will be callable at par semiannually after one year.
The payout at maturity will be par.
Wells Fargo Securities LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Step-up callable notes
|
| Amount: | $8,979,000
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| Maturity: | May 30, 2026
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| Coupon: | 5.2% initially, stepping up to 5.45% on May 30, 2024 and to 5.75% on May 30, 2025; payable semiannually
|
| Price: | Par
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| Payout at maturity: | Par
|
| Call option: | Semiannually at par after one year
|
| Pricing date: | May 25
|
| Settlement date: | May 30
|
| Agent: | Wells Fargo Securities, LLC
|
| Fees: | 0.6%
|
| Cusip: | 95001DDB3
|
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