Wells Fargo plans 12-year fixed-to-floating notes on 10-year CMS rate

By Susanna Moon

Chicago, July 9 – Wells Fargo & Co. plans to price fixed-to-floating notes due July 29, 2027, according to an FWP with the Securities and Exchange Commission.

The coupon will be fixed at 4% for the first three years. After that, it will be 0.88 times the 10-year Constant Maturity Swap rate. Interest is payable quarterly and cannot be less than zero.

The payout at maturity will be par.

Wells Fargo Securities, LLC is the agent.

The notes will price on July 24 and settle on July 29.

The Cusip number is 94986RXZ9.

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