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Pricing on the new 10-year senior holding company bond offering from Wells Fargo has been postponed until Wednesday, sources told IFR.
The deal had been set to price on Tuesday, and news of the delay came after investors swarmed the self-led issue with some $10 billion in orders.
Price guidance has not been released on the bond. Initial price thoughts of T+140bp-145bp were released on Tuesday morning.
It is unusual for pricing on investment-grade bonds to be delayed.
Postponements are usually related to new information that could impact bondholders.
S&P revised Wells Fargo's outlook to negative from stable on Tuesday after the market closed, saying the bank would "continue to face significant business challenges for at least several months".
The rating agency said the $185 million settlement demanded by regulators for the bank's fake account scandal might not sufficiently cover damage caused.