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Wells Fargo plans fixed-to-floating notes linked to 10-year CMS rate
By Toni Weeks
San Luis Obispo, Calif., May 1 – Wells Fargo & Co. plans to price fixed-to-floating-rate notes due May 21, 2027 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 4% for the first three years. After that, the interest rate will be 0.82 times the 10-year CMS rate. Interest will be payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
The notes will price May 18 and settle May 21.
The Cusip number is 94986RWZ0.
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