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Wells Fargo plans fixed-to-floating notes linked to 10-year CMS rate
By Susanna Moon
Chicago, Dec. 7 – Wells Fargo & Co. plans to price fixed-to-floating notes due Dec. 24, 2025 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 0.925 times the 10-year CMS rate. Interest is payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
The notes will price on Dec. 21 and settle on Dec. 24.
The Cusip number is 94986RB59.
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