Published on 3/10/2016 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $8.96 million capped fixed-to-floaters due 2019
By Wendy Van Sickle
Columbus, Ohio, March 10 – Wells Fargo & Co. priced $8.96 million capped fixed-to-floating rate notes due March 11, 2019 linked to three-month Libor, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 1.5% for the first year. After that, the interest rate will be Libor plus 45 basis points, subject to a maximum interest rate of 3.5% per year. Interest is payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Capped fixed-to-floating-rate notes
|
| Amount: | $8,958,000
|
| Maturity: | March 11, 2019
|
| Coupon: | 1.5% for first year; After that, Libor plus 65 bps, subject to maximum interest rate of 3.5% per year; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | March 8
|
| Settlement date: | March 11
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 0.5%
|
| Cusip: | 94986RG96
|
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