Bond Wells Fargo & Company 3.5% ( US95001D4J61 ) in USD

Issuer Wells Fargo & Company
Market price refresh price now   100 %  ▲ 
Country  United States
ISIN code  US95001D4J61 ( in USD )
Interest rate 3.5% per year ( payment 2 times a year)
Maturity 19/06/2031



Prospectus brochure of the bond Wells Fargo US95001D4J61 en USD 3.5%, maturity 19/06/2031


Minimal amount 1 000 USD
Total amount 11 580 000 USD
Cusip 95001D4J6
Standard & Poor's ( S&P ) rating BBB+ ( Lower medium grade - Investment-grade )
Moody's rating A1 ( Upper medium grade - Investment-grade )
Next Coupon 19/06/2026 ( In 75 days )
Detailed description Wells Fargo is a multinational financial services company offering banking, investments, mortgage, and consumer and commercial finance services across numerous countries.

The Bond issued by Wells Fargo & Company ( United States ) , in USD, with the ISIN code US95001D4J61, pays a coupon of 3.5% per year.
The coupons are paid 2 times per year and the Bond maturity is 19/06/2031

The Bond issued by Wells Fargo & Company ( United States ) , in USD, with the ISIN code US95001D4J61, was rated A1 ( Upper medium grade - Investment-grade ) by Moody's credit rating agency.

The Bond issued by Wells Fargo & Company ( United States ) , in USD, with the ISIN code US95001D4J61, was rated BBB+ ( Lower medium grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.







https://www.sec.gov/Archives/edgar/data/72971/000138713119004482/...
424B2 1 wfcr1603-424b2_061719.htm DEFINITIVE PRICING SUPPLEMENT NO. 57
Filed Pursuant to Rule 424(b)(2)
Registration Nos. 333-221324
PRICING SUPPLEMENT No. 57 dated June 17, 2019
(To Prospectus Supplement dated January 24, 2018
and Prospectus dated April 5, 2019)
Wells Fargo & Company
Medium-Term Notes, Series T
$11,580,000
Step-Up Callable Notes
Notes due June 19, 2031
The notes have a term of twelve years, subject to our right to redeem the notes on the optional redemption dates beginning three years after issuance.
The notes pay interest semi-annually at a per annum rate that will increase at preset intervals over the term of the notes. However, you should not
expect to earn the higher stated interest rates described below because, unless general interest rates rise significantly, the notes are likely to be
redeemed. All payments on the notes are subject to the credit risk of Wells Fargo & Company. If Wells Fargo & Company defaults on its obligations,
you could lose some or all of your investment. The notes will not be listed on any exchange and are designed to be held to maturity.
Issuer:
Wells Fargo & Company ("Wells Fargo")
Original Offering Price:
$1,000 per note. References in this pricing supplement to a "note" are to a note with a principal amount of $1,000.
Pricing Date:
June 17, 2019.
Issue Date:
June 19, 2019. (T+2)
Stated Maturity Date:
June 19, 2031. The notes are subject to redemption by Wells Fargo prior to the stated maturity date as set forth below
under "Optional Redemption." The notes are not subject to repayment at the option of any holder of the notes prior to
the stated maturity date.
Payment at Maturity:
Unless redeemed prior to stated maturity by Wells Fargo, a holder will be entitled to receive on the stated maturity
date a cash payment in U.S. dollars equal to $1,000 per note, plus any accrued and unpaid interest.
Interest Payment Dates:
Each June 19 and December 19, commencing December 19, 2019, and at stated maturity or earlier redemption.
Except as described below for the first interest period, on each interest payment date, interest will be paid for the
period commencing on and including the immediately preceding interest payment date and ending on and including
the day immediately preceding that interest payment date. This period is referred to as an "interest period." The first
interest period will commence on and include the issue date and end on and include December 18, 2019. Interest
payable with respect to an interest period will be computed on the basis of a 360-day year of twelve 30-day months. If
a scheduled interest payment date is not a business day, interest will be paid on the next business day, and interest on
that payment will not accrue during the period from and after the scheduled interest payment date.
Interest Rate:
The per annum interest rate that will apply during the interest periods are as follows:
Commencing June 19, 2019 and ending June 18, 2027
3.50%
Commencing June 19, 2027 and ending June 18, 2030
4.25%
Commencing June 19, 2030 and ending June 18, 2031
5.00%
Optional Redemption:
The notes are redeemable by Wells Fargo, in whole but not in part, on the optional redemption dates, at 100% of their
principal amount plus accrued and unpaid interest to, but excluding, the redemption date. Any redemption may be
subject to prior regulatory approval. Wells Fargo will give notice to the holders of the notes at least 5 days and not
more than 30 days prior to the date fixed for redemption in the manner described in the accompanying prospectus
supplement under "Description of Notes--Redemption and Repayment."
Optional Redemption Dates:
Quarterly on the 19th day of each March, June, September and December, beginning June 19, 2022 and ending March
19, 2031.
Listing:
The notes will not be listed on any securities exchange or automated quotation system.
Denominations:
$1,000 and any integral multiples of $1,000
CUSIP Number:
95001D4J6
Investing in the notes involves risks not associated with an investment in conventional debt securities. See
"Risk Factors" on page PRS-3.
The notes are unsecured obligations of Wells Fargo & Company, and all payments on the notes are subject to the credit risk of
Wells Fargo & Company. If Wells Fargo & Company defaults on its obligations, you could lose some or all of your investment.
The notes are not deposits or other obligations of a depository institution and are not insured by the Federal Deposit Insurance
Corporation, the Deposit Insurance Fund or any other governmental agency of the United States or any other jurisdiction.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these
notes or determined if this pricing supplement or the accompanying prospectus supplement and prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.
Original Offering Price
Agent Discount(1)
Proceeds to Wells Fargo
Per Note
$1,000.00
$15.00
$985.00
Total
$11,580,000.00
$170,540.00
$11,409,460.00
(1)
The per note agent discount in the table above represents the maximum agent discount payable per note. The total agent discount and total proceeds to Wells
Fargo in the table above reflect the actual total agent discount payable in respect of the notes. See "Plan of Distribution (Conflicts of Interest)" in the
prospectus supplement for further information including information regarding how we may hedge our obligations under the notes and offering expenses.
Wells Fargo Securities, LLC, a wholly owned subsidiary of Wells Fargo & Company, is the agent for the distribution of the notes and is acting as principal.
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Wells Fargo Securities
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INVESTMENT DESCRIPTION
The Notes due June 19, 2031 are senior unsecured debt securities of Wells Fargo & Company and are part of a series
entitled "Medium-Term Notes, Series T."
All payments on the notes are subject to the credit risk of Wells Fargo.
You should read this pricing supplement together with the prospectus supplement dated January 24, 2018 and the
prospectus dated April 5, 2019 for additional information about the notes. When you read the accompanying
prospectus supplement, please note that all references in such supplement to the prospectus dated November 3, 2017,
or to any sections therein, should refer instead to the accompanying prospectus dated April 5, 2019 or to the
corresponding sections of such prospectus, as applicable. Information included in this pricing supplement supersedes
information in the prospectus supplement and prospectus to the extent it is different from that information. Certain
defined terms used but not defined herein have the meanings set forth in the prospectus supplement.
You may access the prospectus supplement and prospectus on the SEC websiteiwww.sec.gov as follows (or if such
address has changed, by reviewing our filings for the relevant date on the SEC website):
Prospectus Supplement dated January 24, 2018:
https://www.sec.gov/Archives/edgar/data/72971/000119312518018274/d428281d424b2.htm
Prospectus dated April 5, 2019:
https://www.sec.gov/Archives/edgar/data/72971/000138713119002551/wfc-424b2_040519.htm
INVESTOR CONSIDERATIONS
We have designed the notes for investors who:
seek a fixed income investment with an interest rate that increases to, but not above, the preset rates during the term
of the investment;
seek current income of at least 3.50% per annum (the interest rate applicable for the first eight years) and at an
interest rate in excess of 3.50% after the first eight years through stated maturity, subject to our right to redeem the
notes after three years;
understand that the notes may be redeemed by Wells Fargo after three years; and
are willing to hold the notes until maturity.
The notes are not designed for, and may not be a suitable investment for, investors who:
seek a liquid investment or are unable or unwilling to hold the notes to maturity;
expect interest rates to increase beyond the interest rates provided by the notes;
prefer the certainty of investments without an optional redemption feature; or
are unwilling to accept the credit risk of Wells Fargo.
PRS-2
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RISK FACTORS
Your investment in the notes will involve risks not associated with an investment in conventional debt securities. You
should carefully consider the risk factors set forth below as well as the other information contained in the prospectus
supplement and prospectus, including the documents they incorporate by reference. You should reach an investment
decision only after you have carefully considered with your advisors the suitability of an investment in the notes in light
of your particular circumstances.
The Amount Of Interest You Receive May Be Less Than The Return You Could Earn On Other
Investments.
Interest rates may change significantly over the term of the notes, and it is impossible to predict what interest rates will
be at any point in the future. Although the interest rate on the notes will increase to preset rates at scheduled intervals
during the term of the notes, the interest rate that will apply at any time on the notes may be more or less than
prevailing market interest rates at such time. As a result, the amount of interest you receive on the notes may be less
than the return you could earn on other investments.
The Per Annum Interest Rate Applicable At A Particular Time Will Affect Our Decision To Redeem The
Notes.
It is more likely that we will redeem the notes prior to the stated maturity date during periods when the remaining
interest is to accrue on the notes at a rate that is greater than that which we would pay on a conventional fixed-rate non-
redeemable note of comparable maturity. If we redeem the notes prior to the stated maturity date, you may not be able
to invest in other notes that yield as much interest as the notes.
The Step-Up Feature Presents Different Investment Considerations Than Fixed Rate Notes.
The interest rate payable on the notes during their term will increase from the initial interest rate, subject to our right to
redeem the notes. If we do not redeem the notes, the interest rate will step up as described herein. You should not
expect to earn the higher stated interest rates which are applicable only after the first eight years of the term of the
notes because, unless general interest rates rise significantly, the notes are likely to be redeemed prior to the stated
maturity date. When determining whether to invest in the notes, you should consider, among other things, the overall
annual percentage rate of interest to redemption as compared to other equivalent investment alternatives rather than
the higher stated interest rates which are applicable only after the first eight years of the term of the notes.
An Investment In The Notes May Be More Risky Than An Investment In Notes With A Shorter Term.
The notes have a term of twelve years, subject to our right to redeem the notes starting on June 19, 2022. By purchasing
notes with a longer term, you will bear greater exposure to fluctuations in interest rates than if you purchased a note
with a shorter term. In particular, you may be negatively affected if interest rates begin to rise because the likelihood
that we will redeem your notes will decrease and the interest rate applicable to your notes during a particular interest
period may be less than the amount of interest you could earn on other investments available at such time. In addition,
if you tried to sell your notes at such time, the value of your notes in any secondary market transaction would also be
adversely affected.
The Notes Are Subject To The Credit Risk Of Wells Fargo.
The notes are our obligations and are not, either directly or indirectly, an obligation of any third party. Any amounts
payable under the notes are subject to our creditworthiness. As a result, our actual and perceived creditworthiness may
affect the value of the notes and, in the event we were to default on our obligations, you may not receive any amounts
owed to you under the terms of the notes.
Holders Of The Notes Have Limited Rights Of Acceleration.
Payment of principal on the notes may be accelerated only in the case of payment defaults that continue for a period of
30 days or certain events of bankruptcy or insolvency, whether voluntary or involuntary. If you purchase the notes, you
will have no right to accelerate the payment of principal on the notes if we fail in the performance of any of our
obligations under the notes, other than the obligations to pay principal and interest on the notes. See "Description of
Notes--Events of Default and Covenant Breaches" in the accompanying prospectus supplement.
PRS-3
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Holders Of The Notes Could Be At Greater Risk For Being Structurally Subordinated If We Convey,
Transfer Or Lease All Or Substantially All Of Our Assets To One Or More Of Our Subsidiaries.
Under the indenture, we may convey, transfer or lease all or substantially all of our assets to one or more of our
subsidiaries. In that event, third-party creditors of our subsidiaries would have additional assets from which to recover
on their claims while holders of the notes would be structurally subordinated to creditors of our subsidiaries with
respect to such assets. See "Description of Notes--Consolidation, Merger or Sale" in the accompanying prospectus
supplement.
The Agent Discount, Offering Expenses And Certain Hedging Costs Are Likely To Adversely Affect The
Price At Which You Can Sell Your Notes.
Assuming no changes in market conditions or any other relevant factors, the price, if any, at which you may be able to
sell the notes will likely be lower than the original offering price. The original offering price includes, and any price
quoted to you is likely to exclude, the agent discount paid in connection with the initial distribution, offering expenses
and the projected profit that our hedge counterparty (which may be one of our affiliates) expects to realize in
consideration for assuming the risks inherent in hedging our obligations under the notes. In addition, any such price is
also likely to reflect dealer discounts, mark-ups and other transaction costs, such as a discount to account for costs
associated with establishing or unwinding any related hedge transaction. The price at which the agent or any other
potential buyer may be willing to buy your notes will also be affected by the interest rates provided by the notes and by
the market and other conditions discussed in the next risk factor.
The Value Of The Notes Prior To Stated Maturity Will Be Affected By Numerous Factors, Some Of
Which Are Related In Complex Ways.
The value of the notes prior to stated maturity will be affected by interest rates at that time and a number of other
factors, some of which are interrelated in complex ways. The effect of any one factor may be offset or magnified by the
effect of another factor. The following factors, among others, are expected to affect the value of the notes. When we
refer to the "value" of your note, we mean the value that you could receive for your note if you are able to sell it in the
open market before the stated maturity date.

Interest Rates. The value of the notes may be affected by changes in the interest rates in the U.S.
markets.

Our Creditworthiness. Actual or anticipated changes in our creditworthiness may affect the value of
the notes. However, because the return on the notes is dependent upon factors in addition to our ability
to pay our obligations under the notes, such as whether we exercise our option to redeem the notes, an
improvement in our creditworthiness will not reduce the other investment risks related to the notes.
The Notes Will Not Be Listed On Any Securities Exchange And We Do Not Expect A Trading Market For
The Notes To Develop.
The notes will not be listed or displayed on any securities exchange or any automated quotation system. Although the
agent and/or its affiliates may purchase the notes from holders, they are not obligated to do so and are not required to
make a market for the notes. There can be no assurance that a secondary market will develop. Because we do not expect
that any market makers will participate in a secondary market for the notes, the price at which you may be able to sell
your notes is likely to depend on the price, if any, at which the agent is willing to buy your notes.
If a secondary market does exist, it may be limited. Accordingly, there may be a limited number of buyers if you decide
to sell your notes prior to stated maturity. This may affect the price you receive upon such sale. Consequently, you
should be willing to hold the notes to stated maturity.
A Dealer Participating In The Offering Of The Notes Or Its Affiliates May Realize Hedging Profits
Projected By Its Proprietary Pricing Models In Addition To Any Selling Concession, Creating A Further
Incentive For The Participating Dealer To Sell The Notes To You.
If any dealer participating in the offering of the notes, which we refer to as a "participating dealer," or any of its
affiliates conducts hedging activities for us in connection with the notes, that participating dealer or its affiliates will
expect to realize a projected profit from such hedging activities, if any, and this projected hedging profit will be in
addition to any concession that the participating dealer realizes for the sale of the notes to you. This additional
projected profit may create a further incentive for the participating dealer to sell the notes to you.
PRS-4
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The Resolution Of Wells Fargo Under The Orderly Liquidation Authority Could Result In Greater
Losses For Holders Of The Notes, Particularly If A Single-Point-Of-Entry Strategy Is Used.
Your ability to recover the full amount that would otherwise be payable on the notes in a proceeding under the U.S.
Bankruptcy Code may be impaired by the exercise by the Federal Deposit Insurance Corporation (the "FDIC") of its
powers under the "orderly liquidation authority" under Title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (the "Dodd-Frank Act"). In particular, the single point of entry strategy described below is intended to
impose losses at the top-tier holding company level in the resolution of a Global Systemically Important Bank ("G-SIB")
such as Wells Fargo.
Title II of the Dodd-Frank Act created a new resolution regime known as the "orderly liquidation authority" to which
financial companies, including bank holding companies such as Wells Fargo, can be subjected. Under the orderly
liquidation authority, the FDIC may be appointed as receiver for a financial company for purposes of liquidating the
entity if, upon the recommendation of applicable regulators, the United States Secretary of the Treasury determines,
among other things, that the entity is in severe financial distress, that the entity's failure would have serious adverse
effects on the U.S. financial system and that resolution under the orderly liquidation authority would avoid or mitigate
those effects. Absent such determinations, Wells Fargo, as a bank holding company, would remain subject to the U.S.
Bankruptcy Code.
If the FDIC is appointed as receiver under the orderly liquidation authority, then the orderly liquidation authority,
rather than the U.S. Bankruptcy Code, would determine the powers of the receiver and the rights and obligations of
creditors and other parties who have transacted with Wells Fargo. There are substantial differences between the rights
available to creditors in the orderly liquidation authority and under the U.S. Bankruptcy Code, including the right of the
FDIC under the orderly liquidation authority to disregard the strict priority of creditor claims in some circumstances
(which would otherwise be respected by a bankruptcy court) and the use of an administrative claims procedure to
determine creditors' claims (as opposed to the judicial procedure utilized in bankruptcy proceedings). In certain
circumstances under the orderly liquidation authority, the FDIC could elevate the priority of claims if it determines that
doing so is necessary to facilitate a smooth and orderly liquidation without the need to obtain the consent of other
creditors or prior court review. In addition, under the orderly liquidation authority, the FDIC has the right to transfer
assets or liabilities of the failed company to a third party or "bridge" entity.
The FDIC has announced that a "single point of entry" strategy may be a desirable strategy to resolve a large financial
institution such as Wells Fargo in a manner that would, among other things, impose losses on shareholders, unsecured
debt holders (including, in our case, holders of the notes) and other creditors of the top-tier holding company (in our
case, Wells Fargo), while permitting the holding company's subsidiaries to continue to operate. In addition, in
December 2016, the Board of Governors of the Federal Reserve System (the "FRB") finalized rules requiring U.S.
G-SIBs, including Wells Fargo, to maintain minimum amounts of long-term debt and total loss-absorbing capacity
(TLAC). It is possible that the application of the single point of entry strategy--in which Wells Fargo would be the only
legal entity to enter resolution proceedings--could result in greater losses to holders of the notes than the losses that
would result from the application of a bankruptcy proceeding or a different resolution strategy for Wells Fargo.
Assuming Wells Fargo entered resolution proceedings and that support from Wells Fargo to its subsidiaries was
sufficient to enable the subsidiaries to remain solvent, losses at the subsidiary level could be transferred to Wells Fargo
and ultimately borne by Wells Fargo's security holders (including holders of the notes and our other unsecured debt
securities), with the result that third-party creditors of Wells Fargo's subsidiaries would receive full recoveries on their
claims, while Wells Fargo's security holders (including holders of the notes) and other unsecured creditors could face
significant losses. In that case, Wells Fargo's security holders could face significant losses while the third-party
creditors of Wells Fargo's subsidiaries would incur no losses because the subsidiaries would continue to operate and
would not enter resolution or bankruptcy proceedings. In addition, holders of the notes and other debt securities of
Wells Fargo could face losses ahead of our other similarly situated creditors in a resolution under the orderly
liquidation authority if the FDIC exercised its right, described above, to disregard the strict priority of creditor claims.
The orderly liquidation authority also requires that creditors and shareholders of the financial company in receivership
must bear all losses before taxpayers are exposed to any losses, and amounts owed by the financial company or the
receivership to the U.S. government would generally receive a statutory payment priority over the claims of private
creditors, including senior creditors such as claims in respect of the notes. In addition, under the orderly liquidation
authority, claims of creditors (including holders of the notes) could be satisfied through the issuance of equity or other
securities in a bridge entity to which Wells Fargo's assets are transferred. If securities
PRS-5
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