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Wells Fargo plans 10-year fixed-to-floaters on Consumer Price Index
By Jennifer Chiou
New York, April 15 - Wells Fargo & Co. plans to price fixed-to-floating notes due April 30, 2021 linked to the Consumer Price Index, according to a 424B2 with the Securities and Exchange Commission.
The coupon will be 4% for the first two years. After that, the rate will be equal to the year-over-year change in the Consumer Price Index plus 150 basis points, subject to a maximum interest rate of 7%.
Interest is payable and reset monthly and cannot be less than zero.
The payout at maturity will be par plus the final interest payment.
The notes (Cusip: 94986RDL2) will price on April 26 and settle on April 29.
Wells Fargo Securities, LLC is the agent.
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