Published on 10/19/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $10 million 10-year fixed-to-floaters linked to CMS rate
By Wendy Van Sickle
Columbus, Ohio, Oct. 19 – Wells Fargo & Co. priced $10 million of fixed-to-floating notes due Oct. 20, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 4.05% for the first two years. After that, it will be equal to the 10-Year Constant Maturity Swap Rate. 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: | $10 million
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Maturity: | Oct. 20, 2027
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Coupon: | 4.05% initially; beginning Oct. 20, 2019, 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: | Oct. 17
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Settlement date: | Oct. 20
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Underwriter: | Wells Fargo Securities, LLC
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Fees: | 1%
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Cusip: | 95000N3G2
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