By Toni Weeks
San Luis Obispo, Calif., May 29 – Wells Fargo & Co. priced $5.29 million fixed-to-floating notes due May 29, 2025 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 2% for the first year. After that, it will be equal to 0.995 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.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Fixed-to-floating-rate notes
|
| Underlying rate: | 10-year Constant Maturity Swap rate
|
| Amount: | $5.29 million
|
| Maturity: | May 29, 2025
|
| Coupon: | 2% for first year; after that, 99.5% of 10-year CMS rate; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | May 26
|
| Settlement date: | May 29
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 0.5%
|
| Cusip: | 94986RXG1
|
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