Published on 10/12/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $1.92 million 10-year 4% fixed-to-floaters with 6% cap
By Susanna Moon
Chicago, Oct. 12 – Wells Fargo & Co. priced $1.92 million of fixed-to-floating notes due Oct. 4, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 4% for the first year. After that, it will be equal to Libor plus 100 basis points up to a maximum interest rate of 6%. 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: | Fixed-to-floating notes
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Amount: | $1,921,000
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Maturity: | Oct. 4, 2027
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Coupon: | 4% initially; beginning Oct. 3, 2018, Libor plus 100 bps up to a cap of 6%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Sept. 29
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Settlement date: | Oct. 4
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Underwriter: | Wells Fargo Securities, LLC
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Fees: | 1.1%
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Cusip: | 95000N3C1
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