By Susanna Moon
Chicago, April 20 – Wells Fargo & Co. priced $20 million of fixed-to-floating notes due April 21, 2026 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3.25% 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.
Issuer: | Wells Fargo & Co.
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Issue: | Fixed-to-floating notes
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Underlying rate: | 10-year Constant Maturity Swap rate
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Amount: | $20 million
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Maturity: | April 21, 2026
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Coupon: | 3.25% initially; beginning April 21, 2019, the 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: | April 18
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Settlement date: | April 21
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Agent: | Wells Fargo Securities LLC
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Fees: | 1%
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Cusip: | 94986RK67
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