Published on 3/20/2018 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $2.82 million of fixed-to-floaters tied to CMS rate
By Sarah Lizee
Olympia, Wash., March 20 – Wells Fargo & Co. priced $2.82 million of fixed-to-floating notes due March 21, 2030 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 5% for the first two years. After that, the rate will be equal to the 10-year CMS rate. Interest will be payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Fixed-to-floating notes
|
| Amount: | $2,822,000
|
| Maturity: | March 21, 2030
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| Coupon: | 5% initially; beginning March 21, 2020, equal to the 10-year CMS rate; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | March 16
|
| Settlement date: | March 21
|
| Underwriter: | Wells Fargo Securities, LLC
|
| Fees: | 1.35%
|
| Cusip: | 95001D2D1
|
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