Published on 9/29/2014 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $9.34 million fixed-to-floaters on 30-year CMS rate
By Susanna Moon
Chicago, Sept. 29 – Wells Fargo & Co. priced $9.34 million of fixed-to-floating notes due Sept. 30, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
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.
| Issuer: | Wells Fargo & Co.
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| Issue: | Fixed-to-floating notes
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| Amount: | $9,337,000
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| Maturity: | Sept. 30, 2024
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| Coupon: | 5% for first year; after that, 0.7 times 30-year CMS rate; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | Sept. 25
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| Settlement date: | Sept. 30
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 1%
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| Cusip: | 94986RVA6
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