Wells Fargo Issues $6.0 Billion in Senior Redeemable Fixed-to-Floating Rate Notes

Wells Fargo & Company ($WFC) $6.0 Billion Senior Notes Offering

Overview of the Filing

On September 24, 2026, Wells Fargo & Company filed a Current Report on Form 8-K under Item 9.01 (Financial Statements and Exhibits) announcing the issuance of $6.0 billion aggregate principal amount of Medium-Term Notes, Series Y, off its existing shelf Registration Statement on Form S-3 (File No. 333-287868).

Key Note Terms

1. 2030 Notes:

   • Aggregate Principal Amount: $2,500,000,000
   • Stated Maturity Date: September 24, 2030
   • Fixed Rate Period: From September 24, 2026 to September 24, 2029 at an initial interest rate of 5.366% per annum, payable semiannually on March 24 and September 24.
   • Floating Rate Period: From September 24, 2029 to maturity at Compounded SOFR + 0.78% (78 bps), payable quarterly.
   • CUSIP: 95000U4L4

2. 2037 Notes:

   • Aggregate Principal Amount: $3,500,000,000
   • Stated Maturity Date: September 24, 2037
   • Structure: Senior Redeemable Fixed-to-Floating Rate Notes

Market & Capital Structure Impact

• Funding Strategy: Wells Fargo continues to manage its debt maturity ladder and optimize regulatory capital/liquidity ratios, tapping the investment-grade debt market for substantial liquidity.
• Floating Rate Transition: Consistent with post-LIBOR standards, the floating leg references Compounded SOFR with standard benchmark replacement provisions.
• Market Impact: Sizable institutional issuance representing routine balance sheet management for a major U.S. money center bank, carrying standard execution significance without signaling distress.