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

By Devika Patel

Knoxville, Tenn., Feb. 25 – Wells Fargo & Co. plans to price fixed-to-floating-rate notes due March 23, 2026 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% for the first two years. After that, the interest 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.

The notes (Cusip: 94986RG21) will price March 18 and settle March 23.

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