Published on 12/13/2016 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $2.91 million capped fixed-to-floaters with 3% initial rate
By Wendy Van Sickle
Columbus, Ohio, Dec. 13 – Wells Fargo & Co. priced $2.91 million of capped fixed-to-floating notes due Dec. 14, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3% for the first three years. After that, the rate will be Libor plus 100 basis points, up to a maximum coupon of 6%. 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 notes
|
| Amount: | $2,911,000
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| Maturity: | Dec. 14, 2026
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| Coupon: | 3% for first three years; after that, Libor plus 100 bps, capped at 6%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | Dec. 9
|
| Settlement date: | Dec. 14
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 1.15%
|
| Cusip: | 94986R2G5
|
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