Wells Fargo plans 5% fixed-to-floaters due 2030 on 10-year CMS rate

By Sarah Lizee

Olympia, Wash., March 2 – Wells Fargo & Co. plans to price fixed-to-floating notes due March 21, 2030 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 two years. 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 March 16 and settle on March 21.

The Cusip number is 95001D2D1.

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