Wells Fargo plans 10-year capped fixed-to-floaters with 3% initial rate

By Angela McDaniels

Tacoma, Wash., Dec. 2 – Wells Fargo & Co. plans to price capped fixed-to-floating notes due Dec. 14, 2026, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 3% for the first three years. After that, it will be Libor plus 100 basis points, subject to a maximum return of 6%. Interest will be payable quarterly.

The payout at maturity will be par.

Wells Fargo Securities, LLC is the agent.

The notes will price Dec. 9.

The Cusip number is 94986R2G5.

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