Published on 7/24/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $2.35 million fixed-to-floaters linked to 10-year CMS rate
By Angela McDaniels
Tacoma, Wash., July 24 – Wells Fargo & Co. priced $2.35 million of 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.
The interest rate is 4.25% for the first two years. After that, the rate will be equal to the 10-year CMS rate. Interest is payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Fixed-to-floating-rate notes
|
| Underlying rate: | 10-year Constant Maturity Swap rate
|
| Amount: | $2,349,000
|
| Maturity: | July 25, 2029
|
| Coupon: | 4.25% for first two years; after that, 10-year CMS rate; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | July 20
|
| Settlement date: | July 25
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 1.35%
|
| Cusip: | 95000N2P3
|
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