Published on 4/19/2018 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $803,000 fixed-to-floaters tied to 10-year CMS rate
By Sarah Lizee
Olympia, Wash., April 19 – Wells Fargo & Co. priced $803,000 of fixed-to-floating notes due April 20, 2028 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. Beginning April 20, 2020, 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.
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Issue: | Fixed-to-floating notes
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Amount: | $803,000
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Maturity: | April 20, 2028
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Coupon: | 5% initially; beginning April 20, 2020, equal to the 10-year CMS rate; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | April 18
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Settlement date: | April 20
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Underwriter: | Wells Fargo Securities, LLC
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Fees: | 1.35%
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Cusip: | 95001D2G4
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