Wells Fargo plans fixed-to-floating notes linked to 10-year CMS rate

By Susanna Moon

Chicago, March 12 – Wells Fargo & Co. plans to price fixed-to-floating notes due March 31, 2025 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be fixed at 3.5% for the first three years. After that, it will accrue at 0.83 times the 10-year CMS rate. Interest will be payable quarterly.

The payout at maturity will be par.

Wells Fargo Securities LLC is the agent.

The notes will price on March 26 and settle on March 31.

The Cusip number is 94986RWJ6.

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