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Wells Fargo plans 10-year fixed-to-floaters tied to 30-year CMS rate
By Marisa Wong
Madison, Wis., Sept. 22 – Wells Fargo & Co. plans to price fixed-to-floating-rate notes due Sept. 30, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 5% for the first year. After that, the interest rate will be 0.7 times the 30-year Constant Maturity Swap rate. Interest is payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities LLC is the agent.
The notes will price on Sept. 25 and settle on Sept. 30.
The Cusip number is 94986RVA6.
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