Published on 11/29/2018 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $7 million fixed-to-floaters on 10-year CMS rate
By Sarah Lizee
Olympia, Wash., Nov. 29 – Wells Fargo & Co. priced $7 million of fixed-to-floating notes due Nov. 28, 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% initially. Beginning Nov. 27, 2020, the rate will be equal to the 10-year CMS rate plus a spread of 25 basis points. 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: | $7 million
|
Maturity: | Nov. 28, 2028
|
Coupon: | 5% initially; beginning Nov. 27, 2020, equal the 10-year CMS rate plus 25 bps; payable quarterly
|
Price: | Par
|
Payout at maturity: | Par
|
Pricing date: | Nov. 26
|
Settlement date: | Nov. 27
|
Underwriter: | Wells Fargo Securities, LLC
|
Fees: | 1%
|
Cusip: | 95001D3G3
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.