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Wells Fargo issues 2 tranches of medium-term notes

Wells Fargo & Co. on Jan. 17 issued medium-term series T notes due Jan. 17, 2023, and Jan. 17, 2025.

The notes due 2023 will pay annual interest of 2.00% from Jan. 17, 2020, to Jan. 16, 2022, and will then pay annual interest of 2.10% from Jan. 17, 2022, to Jan. 16, 2023. The notes can be redeemed at Wells Fargo's option, in whole but not in part, on any optional redemption date at a redemption price equal to 100% of the principal, plus any accrued but unpaid interest to, but excluding, the redemption date.

The optional redemption dates are quarterly of each Jan. 17, April 17, July 17 and Oct. 17, starting July 17, 2020, and ending Oct. 17, 2022.

The notes due 2025 will pay annual interest of 2.25% from Jan. 17, 2020, to July 16, 2023, which will then increase to 2.50% from July 17, 2023, to July 16, 2024, and 3.00% from July 17, 2024, to Jan. 16, 2025. The notes can be redeemed at Wells Fargo's option, in whole but not in part, on any optional redemption date at a redemption price equal to 100% of the principal, plus any accrued but unpaid interest to, but excluding, the redemption date.

The optional redemption dates are quarterly of each Jan. 17, April 17, July 17 and Oct. 17, starting Jan. 17, 2021, and ending Oct. 17, 2024.