Published on 3/30/2015 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $13.23 million fixed-to-floating notes linked to 10-year CMS rate
By Angela McDaniels
Tacoma, Wash., March 30 – Wells Fargo & Co. priced $13.23 million of fixed-to-floating-rate notes due March 31, 2025 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3.5% for the first three years. After that, the interest rate will be 0.83 times the 10-year CMS 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-rate notes
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Underlying rate: | 10-year Constant Maturity Swap rate
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Amount: | $13,229,000
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Maturity: | March 31, 2025
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Coupon: | 3.5% for first three years; after that, 0.83 times 10-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: | March 26
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Settlement date: | March 31
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Agent: | Wells Fargo Securities LLC
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Fees: | 1%
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Cusip: | 94986RWJ6
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