By Cristal Cody
Tupelo, Miss., May 16 – Wells Fargo Bank NA sold $1.5 billion of floating-rate notes due May 21, 2021 (Aa2/A+/AA-) at Libor plus 38 basis points on Wednesday, according to a market source.
The notes priced on the tight side of guidance in the Libor plus 40 bps area. Initial price talk was in the Libor plus 45 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
|
| Amount: | $1.5 billion
|
| Description: | Floating-rate notes
|
| Maturity: | May 21, 2021
|
| Bookrunner: | Wells Fargo Securities LLC
|
| Coupon: | Libor plus 38 bps
|
| Call feature: | One year
|
| Trade date: | May 15
|
| Ratings: | Moody’s: Aa2
|
| S&P: A+
|
| Fitch: AA-
|
| Price guidance: | Libor plus 40 bps area, plus or minus 2 bps; initial talk at Libor plus 45 bps area
|
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