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

By Devika Patel

Knoxville, Tenn., Oct. 28 – Wells Fargo & Co. plans to price fixed-to-floating-rate notes due Nov. 13, 2030 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 4.5% for the first three years. After that, the interest rate will be 0.95 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 (Cusip: 94986RZU8) will price Nov. 9 and settle Nov. 13.

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