Pricing may be tightening further for choice financial borrowers, if the reception for a A$900 million two-tranche, five year note issue from US bank Wells Fargo on Friday is any guide. Rated A+, Wells Fargo priced at 85 basis points over the bank bill swap rate. Wells Fargo sold $500 million of floating-rate notes and $400 million of fixed-rate notes.The pricing of the notes is particularly tight, given that ANZ (rated AA-) raised five-year funds only the week before at 82 bps over. Wells Fargo last issued more than 12 months ago when sold it $150 million of 9.3 year bonds. That issue was priced at 150 bps over swap.