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Wells Fargo offers notes on 10-year dollar ICE Swap rate; Credit Suisse sells Apple notes
By Sheri Kasprzak
New York, Feb. 24 – Among the more interesting offerings for the structured products marketplace Wednesday was an upcoming deal from Wells Fargo & Co. linked to the 10-year U.S. dollar ICE Swap rate.
Wells Fargo intends to price fixed-to-floating rate notes linked to the rate on March 18.
The notes are due March 23, 2026, and interest will be 4% for the first two years. After that, the rate will be equal to the 10-year dollar ICE Swap rate. Interest is payable quarterly.
The Cusip number for the offering is 94986RF97.
The U.S. dollar ICE Swap rate was $1.601 as of Feb. 23, according to the ICE’s website.
The ICE Swap rate, formerly known as ISDAFIX, is recognized as the principal global benchmark for swap rates and spreads for interest rate swaps, representing the mid-price for interest rate swaps at particular times of the day.
Credit Suisse prices
In one of the larger offerings priced Wednesday, Credit Suisse AG, London Branch sold $8.11 million of trigger phoenix autocallable optimization securities linked to the common stock of Apple Inc., according to a Securities and Exchange Commission filing.
The notes are due Feb. 25, 2021 and pay a contingent monthly coupon at an annualized rate of 9% if Apple stock closes at or above the coupon barrier level – 56.6% of the initial price – on the observation date for that month.
The notes are callable at par plus the contingent coupon if the shares close at or above the initial price on any monthly observation date after one year.
The payout at maturity will be par plus the contingent coupon unless Apple shares finish below the 56.5% trigger level, in which case investors will be fully exposed to any losses.
UBS Financial Services Inc. is the distributor for the deal.
Apple’s stock rose by $1.41, or 1.49%, to close the session Wednesday at $96.10.
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