By Cristal Cody
Chicago, Aug. 3 – Wells Fargo Bank NA priced $5 billion of bank notes over four tranches on Wednesday, according to a market source.
The first two tranches are a floating/fixed pair, both maturing in two years.
The $400 million of floaters priced with a SOFR plus 80 basis points coupon, after initial talk for SOFR plus an equivalent margin.
The other side of the pair priced as $2 billion of 5.55% notes, at Treasuries plus 72 bps. Price talk was in the 90 bps to 95 bps area.
The third and fourth tranches were structured in the same way, one part floating and one part fixed, with three-year tenors.
The floating-rate part priced as $400 million of notes with a SOFR plus 106 bps coupon. Talk was SOFR plus an equivalent margin.
The largest tranche was the $2.2 billion fixed-rate tranche in that second pair with a 5.45% coupon. The spread was 92 bps to Treasuries. Initial price talk had the notes coming in the 110 bps to 115 bps area.
Wells Fargo Securities LLC was the bookrunner.
The bank is based in San Francisco.
| Issuer: | Wells Fargo Bank NA
|
| Amount: | $5 billion
|
| Issue: | Bank notes
|
| Bookrunner: | Wells Fargo Securities LLC
|
| Trade date: | Aug. 2
|
|
|
| 2025 floaters
|
| Amount: | $400 million
|
| Issue: | Floating-rate bank notes
|
| Maturity: | Aug. 1, 2025
|
| Coupon: | SOFR plus 80 bps
|
|
|
| 2025 fixed
|
| Amount: | $2 billion
|
| Issue: | Bank notes
|
| Maturity: | Aug. 1, 2025
|
| Coupon: | 5.55%
|
| Spread: | Treasuries plus 72 bps
|
| Price talk: | Treasuries plus 90 bps to 95 bps area
|
|
|
| 2026 floaters
|
| Amount: | $400 million
|
| Issue: | Floating-rate bank notes
|
| Maturity: | Aug. 7, 2026
|
| Coupon: | SOFR plus 106 bps
|
|
|
| 2026 fixed
|
| Amount: | $2.2 billion
|
| Issue: | Bank notes
|
| Maturity: | Aug. 7, 2026
|
| Coupon: | 5.45%
|
| Spread: | Treasuries plus 92 bps
|
| Price talk: | Treasuries plus 110 bps to 115 bps area
|
|
|
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