Published on 5/16/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $4.02 million eight-year capped fixed-to-floating notes
By Wendy Van Sickle
Columbus, Ohio, May 16 – Wells Fargo & Co. priced $4.02 million of capped fixed-to-floating-rate notes due May 17, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3.25% for the first three years. After that, it will be Libor plus 100 basis points, subject to a cap. The cap will be 4% beginning on May 17, 2020, stepping up to 4.5% on May 17, 2021, to 5% on May 17, 2022, to 5.5% on May 17, 2023, to 6% on May 17, 2024, to 6.5% on May 17, 2025 and to 7% on May 17, 2026. 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: | Capped fixed-to-floating-rate notes
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Amount: | $4.02 million
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Maturity: | May 17, 2027
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Coupon: | 3.25% for first three years; after that, Libor plus 100 bps, subject to cap of 4% beginning on May 17, 2020, stepping up to 4.5% on May 17, 2021, to 5% on May 17, 2022, to 5.5% on May 17, 2023, to 6% on May 17, 2024, to 6.5% on May 17, 2025 and to 7% on May 17, 2026; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | May 12
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Settlement date: | May 17
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Underwriter: | Wells Fargo Securities LLC
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Fees: | 1%
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Cusip: | 95000N2H1
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