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Wells Fargo plans 20-year capped fixed-to-floaters with 6% start rate
By Wendy Van Sickle
Columbus, Ohio, Jan. 12 – Wells Fargo & Co. plans to price capped fixed-to-floating notes due Jan. 31, 2038, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 6% for the first two years. After that, the interest rate will equal the 20-Year Constant Maturity Swap rate with ceiling of 8% and a floor of zero. Interest will be payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
The notes will price on Jan. 24.
The Cusip number is 95000N3N7.
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