Published on 2/23/2016 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $10.7 million fixed-to-floaters tied to 10-year CMS
By Devika Patel
Knoxville, Tenn., Feb. 23 – Wells Fargo & Co. priced $10.7 million of fixed-to-floating notes due Feb. 24, 2028 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 three years. After that, the rate will be 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: | Fixed-to-floating notes
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| Underlying rate: | 10-year Constant Maturity Swap rate
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| Amount: | $10,702,000
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| Maturity: | Feb. 24, 2028
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| Coupon: | 4% for first three years; after that, the 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: | Feb. 19
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| Settlement date: | Feb. 24
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 1.5%
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| Cusip: | 94986RE72
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