Published on 6/9/2015 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $2.87 million floaters linked to 10-year CMS rate
By Marisa Wong
Madison, Wis., June 9 – Wells Fargo & Co. priced $2.87 million of floating-rate notes due June 10, 2022 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 0.815 times the 10-year CMS rate, subject to a minimum rate of 2% in the first two years and 0% after that. Interest will be payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Floating-rate notes
|
| Underlying rate: | 10-year Constant Maturity Swap rate
|
| Amount: | $2,873,000
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| Maturity: | June 10, 2022
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| Coupon: | 0.815 times 10-year CMS rate, subject to a minimum rate of 2% in the first two years and 0% after that; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | June 5
|
| Settlement date: | June 10
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 1%
|
| Cusip: | 94986RXE6
|
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