Wells Fargo plans six-year CDs with 6% minimum return on Russell

By Wendy Van Sickle

Columbus, Ohio, May 9 – Wells Fargo Bank, NA plans to price certificates of deposit due May 31, 2022 linked to the Russell 2000 index, according to a term sheet.

The payout at maturity will be par plus the greater of any index interest and the minimum return of 6%.

The index interest will be equal to the sum of the capped index returns for the 28 quarterly valuation periods, with a maximum quarterly return of 3% to 3.5%. The exact cap will be set at pricing.

Incapital LLC is the distributor.

The CDs will price on May 25 and settle on May 31.

The Cusip number is 94986TYV3.

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