As mentioned by a number of people today Wells Fargo has issued their information as to the transition from LIBOR (which is going away in June).
Like many issuers WFC has a number of outstanding fixed-to-floating rate preferreds so a clarification was needed as to what they would transition to when LIBOR (they were issued with 3 month LIBOR floating rates) goes away on 6/30/2023.
Here is Wells Fargo’s press release.
WFC WILL NOT use SOFR, but will use the the original fixed rate, plus the designated ‘spread’ from the prospectus. This method will result in sky high coupons, so one should expect these issues will be redeemed when 1st redeemable.