Wells Fargo to price 5% fixed-to-floaters linked to 10-year CMS rate

By Sarah Lizee

Olympia, Wash., April 4 – Wells Fargo & Co. plans to price fixed-to-floating notes due April 20, 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 two years. Beginning April 20, 2020, 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 April 18 and settle on April 20.

The Cusip number is 95001D2G4.

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