Wells Fargo Online AuctionsSM will complement core bond trustee services
Pittsburgh, PA (May 3, 2004) — Wells Fargo Bank, N.A. today announced the introduction of its new Auction Agent Services, featuring a new online auction site, Wells Fargo Online AuctionsSM. The new Website, developed by Wells Fargo in conjunction with Grant Street Group, is located at www.wfauctions.com and allows real time access to dutch auction information to investors, issuers, broker-dealers and trustees. Dutch auctions are a method of resetting interest rates on municipal debt and other securities.
“Auction Agent Services are a natural complement to Wells Fargo’s core bond trustee services,” said Jenni Minardi, senior vice president of Wells Fargo Corporate Trust Services. “By using Wells Fargo as both Trustee and Auction Agent, issuers and broker-dealers significantly streamline the dutch auction process. We are a leading trustee for issuers of student loan backed securities, and health care debt. These issuers, as well as other municipal debt issuers, frequently issue Auction Rate Securities.” Auction bids and results can be communicated to and from Wells Fargo in a variety of methods, including Wells Fargo Corporate Trust Services/Add one online or through customized electronic transmissions. Auction Agent Services will be offered through a dedicated Auction Agent Group within Wells Fargo Corporate Trust Services.
Wells Fargo Corporate Trust Services, one of the nation’s leading corporate trust organizations, offers a variety of fiduciary and agency services in connection with debt securities issued by public and private corporations, government entities and the banking and securities industries, including mortgage-backed, asset-backed, CDO, municipal, and corporate/high yield and litigation settlement administration. Wells Fargo Corporate Trust Services has more than 1,200 team members in 28 offices nationwide and in the United Kingdom. The company serves on more than 12,000 issues totaling over $1 trillion in original issuance.
Wells Fargo & Company is a diversified financial services company with $397 billion in assets, providing banking, insurance, investments, mortgage and consumer finance from more than 5,900 stores and the Internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only “Aaa”- rated bank in the United States.