Wells Fargo plans 12-year fixed-to-floaters tied to 10-year CMS rate

By Wendy Van Sickle

Columbus, Ohio, Jan. 28 – Wells Fargo & Co. plans to price fixed-to-floating notes due Feb. 24, 2028 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filed with the Securities and Exchange Commission.

Interest will be 4% for the first three years. After that, the rate will be equal to the 10-year CMS rate. Interest is payable quarterly.

The payout at maturity will be par.

Wells Fargo Securities, LLC is the agent.

The notes will price on Feb. 19 and settle on Feb. 24.

The Cusip number is 94986RE72.

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