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Wells Fargo plans 5% fixed-to-floaters due 2028 on 10-year CMS rate
By Sarah Lizee
Olympia, Wash., Feb. 12 – Wells Fargo & Co. plans to price fixed-to-floating notes due Feb. 28, 2028 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 5% for the first year. After that, the 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 will price on Feb. 23 and settle on Feb. 28.
The Cusip number is 95001D2A7.
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