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Wells Fargo plans fixed-to-floating notes linked to 10-year CMS rate
By Wendy Van Sickle
Columbus, Ohio, Sept. 23 – Wells Fargo & Co. plans to price fixed-to-floating-rate notes due Oct. 5, 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 the 10-year CMS rate multiplied by 0.9. Interest will be payable quarterly.
The payout at maturity will be par plus accrued interest.
Wells Fargo Securities, LLC is the agent.
The notes will price Sept. 30 and settle Oct. 5.
The Cusip number is 94986RZB0.
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