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Wells Fargo plans fixed-to-floating notes linked to 10-year CMS rate
New York, Oct., 5 – Wells Fargo & Co. plans to price fixed-to-floating-rate notes due Oct. 9, 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 3.5% for the first three years. Starting Oct. 9, 2018, the notes will pay a coupon equal to 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 on Oct. 6 and settle on Oct. 9.
The Cusip number is 94986RZJ3.
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