Summary
Wells Fargo & Company/MN (WFC) filed an 8-K on March 20, 2018, to report the issuance of two series of Medium-Term Notes (MTNs). These notes, Series S and Series T, were issued on March 20 and March 21, 2018, respectively, and mature on March 23, 2030, and March 21, 2030. The filing primarily serves to attach the forms of these Notes and the legal opinion from Faegre Baker Daniels LLP concerning them, as part of a Registration Statement on Form S-3. Series S notes are structured as Principal at Risk Securities linked to the performance of the VanEck Vectors® Gold Miners ETF, indicating a principal repayment that is contingent on the ETF's performance. Series T notes are linked to the 10-Year Constant Maturity Swap Rate, suggesting their return is tied to movements in this benchmark interest rate. Investors should note that this 8-K does not disclose specific terms such as coupon rates, pricing, or the total amount of notes issued, but rather provides the documentation governing these debt instruments.
Key Highlights
- 1Wells Fargo issued two new series of Medium-Term Notes on March 20-21, 2018.
- 2Series S notes are principal-at-risk securities tied to the VanEck Vectors® Gold Miners ETF.
- 3Series T notes are linked to the 10-Year Constant Maturity Swap Rate.
- 4Both note series have a maturity date in March 2030.
- 5The filing's primary purpose is to submit the forms of these notes and a legal opinion as exhibits.
- 6This filing is in support of a previously filed Registration Statement on Form S-3.
- 7The 8-K does not contain details on the specific principal amounts, interest rates, or offering prices of the notes.