By Susanna Moon
Chicago, Sept. 22 – Wells Fargo & Co. priced $5 million of capped fixed-to-floating notes due Sept. 21, 2027 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 4% for the first two years. After that, the rate will be equal to the 10-year CMS rate. Interest is payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities LLC is the agent.
Issuer: | Wells Fargo & Co.
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Issue: | Capped fixed-to-floating notes
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Underlying rate: | 10-year Constant Maturity Swap rate
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Amount: | $5 million
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Maturity: | Sept. 21, 2027
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Coupon: | 4% for first two years; after that, 10-year CMS rate; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Sept. 18
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Settlement date: | Sept. 21
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Underwriter: | Wells Fargo Securities, LLC
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Fees: | 1.25%
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Cusip: | 95000N3B3
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