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Wells Fargo & Co to Sell New Preferred

Giant banker Wells Fargo & Co (WFC) will be selling a new issue of non-cumulative preferred stock. This will have a permanent ticker of WFC-Z when it hits the permanent exchange. The OTC Grey market ticker is not out yet.

The issue will no doubt be a large issue as giant banks sell giant preferred issues.

The company currently has 9 issues outstanding, with 3 currently callable and 1 becomes callable in September all of which can be seen here.

The issue will be non-cumulative, but qualified and will be investment grade.

The preliminary prospectus can be read here.

mcg had this very early with a estimated pricing around 4.875%. If you Prefer weighted in shortly after with the same price talk.

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