Published on 4/29/2015 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $39.87 million fixed-to-floating notes tied to 10-year CMS rate
By Marisa Wong
Madison, Wis., April 29 – Wells Fargo & Co. priced $39.87 million of fixed-to-floating-rate notes due April 30, 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% for the first two years. After that, the interest rate will be 0.93 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: | $39,871,000
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Maturity: | April 30, 2025
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Coupon: | 3% for first two years; after that, 0.93 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: | April 27
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Settlement date: | April 30
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Agent: | Wells Fargo Securities LLC
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Fees: | 0.8%
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Cusip: | 94986RWS6
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