Published on 1/25/2016 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $7.17 million fixed-to-floaters on 10-year CMS rate
By Wendy Van Sickle
Columbus, Ohio, Jan. 25 – Wells Fargo & Co. priced $7.17 million of fixed-to-floating notes due Jan. 26, 2026 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 4% for the first two years. After that, the rate will be 0.95 times the 10-year CMS rate. Interest is payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
Issuer: | Wells Fargo & Co.
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Issue: | Fixed-to-floating-rate notes
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Underlying rate: | 10-year Constant Maturity Swap rate
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Amount: | $7,173,000
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Maturity: | Jan. 23, 2026
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Coupon: | 4% for first two years; after that, 0.95 times 10-year CMS rate; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Jan. 21
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Settlement date: | Jan. 26
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Agent: | Wells Fargo Securities LLC
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Fees: | 1.35%
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Cusip: | 94986RD40
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