Published on 6/7/2016 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $3.94 million fixed-to-floaters with 3% start rate
By Wendy Van Sickle
Columbus, Ohio, June 8 – Wells Fargo & Co. priced $3.94 million of fixed-to-floating-rate notes due June 8, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3% for the first two years. After that, the interest rate will equal the 10-Year Constant Maturity Swap 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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Amount: | $3,942,000
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Maturity: | June 8, 2026
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Coupon: | 3% for first two years; after that, equal to the 10-Year Constant Maturity Swap rate; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | June 3
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Settlement date: | June 8
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Agent: | Wells Fargo Securities LLC
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Fees: | 1.35%
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Cusip: | 94986RM81
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