Wells Fargo Launches 12-Year Fixed-Rate Callable Medium-Term Notes at 5.50% Interest

Capital Raising via Medium-Term Notes Series AA Program

Wells Fargo & Company utilized its Medium-Term Notes Series AA platform to issue these senior unsecured fixed-rate callable notes, as detailed in the July 17, 2026 pricing supplement. Designed primarily for buy-and-hold investors, the notes support Wells Fargo's capital management strategy by diversifying its debt issuance channels accessible to institutional and qualified retail investors.

These unsecured notes are not backed by collateral and expose investors solely to Wells Fargo's credit risk. The offering clearly states that investors face potential loss of principal and interest if Wells Fargo defaults. Unlike traditional bank deposits, these notes are not insured by the Federal Deposit Insurance Corporation or any government guarantee, underscoring their status as capital market instruments.

Fixed 5.50% Interest Rate and Semi-Annual Payments

The notes pay a fixed 5.50% annual interest rate, with payments made semi-annually on January 31 and July 31. The first interest payment is scheduled for January 31, 2027, continuing through maturity on July 31, 2038, or earlier if called. Each payment period accrues interest from the previous payment date or the issue date for the initial period.

This fixed coupon structure offers predictable income but carries interest rate risk, as market rates may fluctuate above or below the 5.50% rate during the notes' 12-year term.

Callable Features and Redemption Terms

Wells Fargo may redeem the notes in full—not in part—on annual optional redemption dates starting July 31, 2028, through July 31, 2037. Upon redemption, holders receive 100% of principal plus accrued interest. Wells Fargo must provide between five and thirty days' advance notice before redemption, as outlined in the prospectus supplement.

This callable feature exposes investors to reinvestment risk, especially if interest rates decline below the 5.50% coupon at redemption. Any redemption is subject to prior regulatory approval, reflecting compliance with banking regulations and giving Wells Fargo control over the notes' duration.

Pricing and Distribution Details

Retail investors pay a fixed $1,000 per note, while institutional and fee-based advisory account investors receive negotiated pricing between $980 and $1,000 depending on market conditions. Wells Fargo Securities, LLC acted as the distribution agent and principal, with agent discounts and dealer concessions up to $20.00 per note influencing net proceeds.

For retail investors, net proceeds to Wells Fargo are approximately $980 per note after agent discounts.

Denominations, Maturity, and Trading Information

Each note has a $1,000 principal amount, available in multiples thereof, with maturity set for July 31, 2038—12 years from the July 31, 2026 issue date. The pricing date was July 29, 2026. Any changes to pricing or issue dates may adjust interest payment and redemption dates accordingly.

The notes will trade over-the-counter and are not listed on any exchange or automated quotation system. Their CUSIP number is 95001DR51. The lack of exchange listing implies lower liquidity and suggests these notes are intended as buy-and-hold instruments for institutional and qualified retail investors.

Interest Rate and Redemption Risks Highlighted

The pricing supplement warns that if market interest rates rise significantly, the fixed 5.50% coupon may underperform alternative investments, exposing holders to interest rate risk. Additionally, Wells Fargo is more likely to redeem the notes when it is financially advantageous, particularly when accrued interest costs exceed those of comparable non-callable debt, creating asymmetric risk for investors.

Credit Risk and Unsecured Debt Considerations

As unsecured senior debt, these notes depend entirely on Wells Fargo's creditworthiness. Investors face potential partial or total losses if Wells Fargo defaults. The notes are not FDIC insured, distinguishing them from deposit products. Their subordinated status to secured creditors and extended 12-year term require careful credit risk assessment.

Regulatory Disclosures and Documentation

The notes were issued under Wells Fargo's registration statement No. 333-292881 pursuant to Securities Act Rule 424(b)(2), with the pricing supplement filed July 17, 2026. Accompanying prospectus supplements dated February 13, 2026, provide detailed terms, risks, and business information. SEC filings are publicly accessible for investor review.

In case of conflicts, the pricing supplement terms prevail. Redemption is subject to regulatory approval, reflecting supervisory oversight under banking laws and Federal Reserve regulations.

Investor Suitability and Strategic Considerations

These notes suit investors seeking fixed-income with predictable semi-annual payments and a defined maturity, subject to Wells Fargo's call rights. The 5.50% coupon may appeal in moderate or low-rate environments, though the callable feature requires evaluating early redemption and reinvestment risks. The notes target sophisticated institutional and fee-based advisory investors, emphasizing buy-and-hold strategies rather than trading.

Prospective investors should carefully assess the fixed-rate callable structure and Wells Fargo credit exposure relative to their investment objectives and risk tolerance before investing.