Published on 5/17/2012 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $3.06 million seven-year fixed-to-floaters with 2.5% initial rate
By Marisa Wong
Madison, Wis., May 17 - Wells Fargo & Co. priced $3.06 million of fixed-to-floating notes due May 20, 2019, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 2.5% for the first two years. After that, it will be equal to Libor plus 50 basis points, up to a maximum rate of 6% per year. Interest is payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
Issuer: | Wells Fargo & Co.
|
Issue: | Fixed-to-floating notes
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Amount: | $3,059,000
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Maturity: | May 20, 2019
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Coupon: | Initially 2.5%; beginning May 19, 2014, Libor plus 50 bps, subject to cap of 6% per year; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | May 15
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Settlement date: | May 18
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Agent: | Wells Fargo Securities, LLC
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Fees: | 1.05%
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Cusip: | 94986RJS1
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