Wells Fargo Sells $3.8 Billion in First Post-SVB Big Bank Sale
- Self-led deal will yield 180 basis points over Treasuries
- Large lenders have avoided debt markets since collapse of SVB
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Wells Fargo & Co. tapped the high-grade corporate bond market Monday, the first large US lender to sell bonds since the collapse of Silicon Valley Bank.
The $3.75 billion unsecured note offering will mature in 11 years and is callable after 10, according to a person familiar with the matter. The fixed-to-floating-rate security will yield 180 basis points over Treasuries, after early pricing discussions for around 205 to 210 basis points, the person said, asking to remain anonymous as they are not authorized to discuss the sale.