Published on 4/19/2013 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $10 million fixed-to-floating notes with 0.5% initial rate
By Susanna Moon
Chicago, April 19 - Wells Fargo & Co. priced $10 million of fixed-to-floating notes due April 22, 2016, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 0.5% for the first year. After that it will be Libor plus 25 basis points, up to a maximum rate of 3% per year in each interest period. Interest is payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
Issuer: | Wells Fargo & Co.
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Issue: | Fixed-to-floating notes
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Amount: | $10 million
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Maturity: | April 22, 2016
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Coupon: | 0.5% initially; after one year, Libor plus 65 bps, capped at 3%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | April 17
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Settlement date: | April 22
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Agent: | Wells Fargo Securities, LLC
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Fees: | 0.25%
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Cusip: | 94986RPN5
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