By Susanna Moon
Chicago, Feb. 24 – Wells Fargo & Co. priced $2.61 million capped fixed-to-floating notes linked to the Consumer Price Index due Feb. 24, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3% for the first two years. After that, it will be equal to the lagging year-over-year percentage change in the index plus 100 basis points, up a maximum rate of 5% per year. Interest will be payable monthly and cannot be less than zero.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Wells Fargo & Co.
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| Issue: | Capped fixed-to-floating notes
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| Amount: | $2.61 million
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| Maturity: | Feb. 24, 2027
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| Coupon: | 3% initially; after two years, equal to the lagging year-over-year percentage change in the CPI plus 100 bps, capped at 5%; payable monthly
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| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | Feb. 22
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| Settlement date: | Feb. 24
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 1.35%
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| Cusip: | 95000N2D0
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