Published on 6/22/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $9.46 million 4.25% fixed-to-floaters tied to CMS rate
By Wendy Van Sickle
Columbus, Ohio, June 22 – Wells Fargo & Co. priced $9.46 million of fixed-to-floating-rate notes due June 23, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 4.25% for the first two years. After that, it will be equal to the 10-year Constant Maturity Swap rate, 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: | Fixed-to-floating-rate notes
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Amount: | $9,456,000
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Maturity: | June 23, 2027
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Coupon: | 4.25% for first two years; after that, the 10-year Constant Maturity Swap rate, payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | June 20
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Settlement date: | June 23
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Underwriter: | Wells Fargo Securities LLC
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Fees: | 1.1%
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Cusip: | 95000N2K4
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