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Wells Fargo plans fixed-to-floating notes linked to 10-year CMS rate
By Angela McDaniels
Tacoma, Wash., Aug. 20 – Wells Fargo & Co. plans to price fixed-to-floating-rate notes due Sept. 3, 2027 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 4% for the first three years. After that, the interest rate will be 0.92 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 Aug. 31 and settle Sept. 3.
The Cusip number is 94986RYP0.
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