Published on 11/20/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $12 million 10-year 3.45% fixed-to-floaters tied to CMS rate
By Susanna Moon
Chicago, Nov. 20 – Wells Fargo & Co. priced $12 million of fixed-to-floating notes due Nov. 16, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3.45% for the first two years. After that, it will be equal to the 10-year Constant Maturity Swap Rate. Interest is payable quarterly and cannot be less than zero.
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: | $12 million
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Maturity: | Nov. 16, 2027
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Coupon: | 3.45% initially; beginning Nov. 16, 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: | Nov. 13
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Settlement date: | Nov. 16
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Underwriter: | Wells Fargo Securities, LLC
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Fees: | 1.35%
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Cusip: | 95000N3H0
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