Commentary & Deal Flow

Tranche 1 (4NC3): Final books €3.6bn. Peak book €4.3bn | HR 100% vs OBL #190 2.5 11-Oct-29
Tranche 2 (8NC7): Final books €2.1bn. Peak book €2.9bn | HR 101% vs DBR 2.6 15-Aug-33
Hedge Deadline: 16:10 UKT

Launched:
4NC3: €1.75bn @ MS+67bp - Books €3.7bn
8NC7: €1bn @ MS+100bp - Books €2.5bn
Spread set at: 4NC3: MS+67bp - Books €4.3bn 8NC7: MS+100bp - Books €2.9bn
Book Update: Combined Books > €5bn (small skew to the 4nc3)
IPTs: 4NC3: MS+90/95bp 8NC7: MS+125a

• Issuer: Wells Fargo & Company (the “Issuer”)
• Issuer LEI: PBLD0EJDB5FWOLXP3B76
• Status of the Notes: Senior, direct, general, unconditional, unsubordinated and unsecured obligations of the Issuer
• Form of Notes: Registered, NSS, Reg S only
• Issuer Rating: A1 / A- / A+ / AA (low) by Moody’s / S&P / Fitch / DBRS
• Expected Rating of the Issue: A1 / A- / A+ / AA (low) by Moody’s / S&P / Fitch / DBRS
• Tranche:
  • 4NC3: 4NC3 Fxd-to-FRN
  • 8NC7: 8NC7 Fxd-to-FRN
• Size:
  • 4NC3: €1.75bn
  • 8NC7: €1bn
• Settlement Date: 26-Oct-26 (T+5 business days)
• Maturity Date:
  • 4NC3: 26-Oct-30
  • 8NC7: 26-Oct-34
• Optional Redemption:
  • 4NC3: First Issuer Par Call on 26-Oct-29; Additional Par Call: 1 month(s) prior to maturity; Make Whole Call: from and including 2-Nov-27 to but excluding 26-Oct-29; Tax Redemption Call
  • 8NC7: First Issuer Par call on 26-Oct-33; Additional Par Call: 2 month prior to maturity; Make Whole Call: from and including 2-Nov-27 to but excluding 26-Oct-33; Tax Redemption Call
• Events of Default: As per the Prospectus (Senior Notes)
• Business Days: London, New York, T2
• Spread Set:
  • 4NC3: MS+67bp
  • 8NC7: MS+100bp
• Coupon:
  • 4NC3: [•]% per annum fixed rate, payable annually in arrear and accruing from, and including, the Settlement Date to, but excluding, the Fixed Rate End Date.
  • 8NC7: [•]% per annum fixed rate, payable annually in arrear and accruing from, and including, the Settlement Date to, but excluding, the Fixed Rate End Date.
• Interest Payment Dates:
  • 4NC3: 26-Oct in each year up to and including the Fixed Rate End Date. The first Interest Payment Date will fall on 26-Oct-27
  • 8NC7: 26-Oct in each year up to and including the Fixed Rate End Date. The first Interest Payment Date will fall on 26-Oct-27
• Day Count Fraction: Actual / Actual (ICMA)
• Business Day Convention: Following, unadjusted
• Documentation: US$50,000,000,000 Euro Medium Term Note Programme (the “Programme”)
• For reference, the base prospectus of the Programme dated 8-Apr-26 (the “Prospectus”) can be found at: Publication of a Prospectus - 13:52:37 23-Apr-26 - FH03 News article | London Stock Exchange
• Governing Law: New York
• Selling Restrictions: Reg S, Cat 2 and as otherwise set forth in the Prospectus. Prohibition of sales to EEA and United Kingdom retail investors.
• Denominations: €100k + 1k
• Listing: The Main Market of the London Stock Exchange plc
• Target Market: Manufacturer target market (EU MiFID and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK.
• Settlement/Clearing: Euroclear/Clearstream
• ISIN:
  • 4NC3: XS3546741060
  • 8NC7: XS3546741490
• Stabilisation: ICMA/FCA stabilisation applies
• Taxation: As per the Prospectus
• Joint Bookrunners: Barclays, BBVA, ING, IMI - Intesa Sanpaolo, Natixis, Santander, Société Générale, Standard Chartered Bank, UniCredit, Wells Fargo Securities (B&D)
• Use of Proceeds: The Issuer intends to use the net proceeds from the sale of the Notes for general corporate purposes.
• Advertisement: This is an advertisement for the purposes of Regulation (EU) 2017/1129 as it forms part of United Kingdom law. The Prospectus has been published and the Final Terms (when available) will be published on the website of the London Stock Exchange plc through its regulatory information service (http://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html)
• Timing: Today's business
• Schedule: Books Close at 12.45 UKT / 13.45 CET