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Wells Fargo plans to price seven-year CDs linked to S&P 500 index
By Angela McDaniels
Tacoma, Wash., March 8 – Wells Fargo Bank, NA plans to price certificates of deposit due March 31, 2023 linked to the S&P 500 index, according to a term sheet.
The payout at maturity will be par plus the index interest, subject to a minimum return of 5%.
The index interest will be equal to the sum of the index’s returns in each of the 28 quarters making up the life of the CDs. The index’s return will be measured relative to its level at the beginning of that quarter. The return in each quarter can be positive or negative and will be subject to a cap, which is expected to be 4.25% to 4.75% and will be set at pricing.
Incapital LLC is the distributor.
The CDs will price March 28.
The Cusip number is 94986TXS1.
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