By Cristal Cody
Prospect News, July 18 - Wells Fargo Canada Corp. (A2/A+/DBRS: AA) priced an upsized C$1.5 billion of 2.944% seven-year medium-term notes at par on Wednesday, a syndicate source said.
The notes due July 25, 2019 priced within guidance of 160 bps, plus or minus 3 bps, at a spread of 158.2 basis points over the Government of Canada benchmark, or 157 bps over the Canadian bond curve.
The deal was upsized from C$750 million.
TD Securities Inc., RBC Capital Markets Corp. and CIBC World Markets Inc. were the lead managers. BMO Capital Markets Corp. was a co-manager.
The notes are unconditionally guaranteed by Wells Fargo & Co.
Wells Fargo Canada last tapped the Canadian debt markets on Feb. 2 with a C$1.5 billion offering of 2.774% medium-term notes due Feb. 9, 2017 priced at par, or a spread of 145 bps over the Government of Canada bond curve.
The company is a Canadian arm of San Francisco-based Wells Fargo & Co.
| Issuer: | Wells Fargo Canada Corp.
|
| Guarantor: | Wells Fargo & Co.
|
| Amount: | C$1.5 billion
|
| Maturity: | July 25, 2019
|
| Securities: | Medium-term notes
|
| Bookrunners: | TD Securities Inc., RBC Capital Markets Corp., CIBC World Markets Inc.
|
| Co-manager: | BMO Capital Markets Corp.
|
| Coupon: | 2.944%
|
| Price: | Par
|
| Yield: | 2.944%
|
| Spread: | 158.2 bps over Government of Canada benchmark, or 157 bps over curve
|
| Call feature: | Non-callable
|
| Pricing date: | July 18
|
| Settlement date: | July 25
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A+
|
| DBRS: AA
|
| Distribution: | Canada
|
| Price talk: | 160 bps, plus or minus 3 bps
|
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