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Wells Fargo plans fixed-to-floating notes linked to 10-year CMS rate
New York, June 9 – Wells Fargo & Co. plans to price fixed-to-floating notes due July 6, 2026 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 3% for the first two years. After that, the interest rate will be equal to the 10-year CMS rate. Interest will be payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
The notes will price on June 30 and settle on July 6.
The Cusip number is 94986RP70.
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