Wells Fargo plans 4.25% fixed-to-floaters due 2029 on 10-year CMS rate

By Susanna Moon

Chicago, July 18 – Wells Fargo & Co. plans to price fixed-to-floating notes due July 25, 2029 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 4.25% for the first two years. After that, the rate will be equal to the 10-year CMS rate. Interest will be payable quarterly.

The payout at maturity will be par.

Wells Fargo Securities, LLC is the agent.

The notes will price on July 20 and settle on July 25.

The Cusip number is 95000N2P3.

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