Wells Fargo and Company Prices New Preferred Issue-UPDATE OTC TICKER

UPDATE–the OTC ticker is WFCCL

Banker Wells Fargo & Company (WFC) has priced their new issue of preferred right about where it was predicted to price–4.70%.

The issue is a giant issue with 46.8 million shares being sold (no over allotment). No doubt they will be redeeming the WFC-T 6% issue with part of the proceeds (there are 28 million shares outstanding of this issue)–then we will see what other issue they move on after the ‘T’ issue.

The issue will trade OTC grey market tomorrow (Thursday), but the OTC temporary ticker has not yet been posted as of 5:45 pm (central).

Please note that this issue is rated investment grade by Moody’s only. All WFC preferreds were rated BB+ by Standard and Poor’s on 9/25/2020.

The pricing term sheet can be read here.

6 thoughts on “Wells Fargo and Company Prices New Preferred Issue-UPDATE OTC TICKER”

  1. Sure glad I loaded up on the WFC+L & the WFC+R back in March and April when the baby was being thrown out the window with the bath water. Listening to Paul Tudor Jones this morning on your guys favorite channel of CNBC-LOL. He was talking about the Corp. Tax Rate going from the current 21% to 28% and then throw in the Cap Gains Tax Rate going from 20% to almost 40% and he said you have the makings for some “serious multiple compression”. LOL I think thats his code language for “Look Out Below”.

    1. And just wait until carried working interest is gone and the dumb-s+++++ on Sand Hill Road find out that they are actually going to have to pay taxes.

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