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Wells Fargo plans variable annual interest CDs linked to 10 stocks
By Susanna Moon
Chicago, July 16 – Wells Fargo Bank, NA plans to price variable annual interest market-linked certificates of deposit due Aug. 3, 2022 linked to a basket of 10 equally weighted stocks, according to a term sheet.
The underlying companies are Apple Inc., AT&T Inc., Bristol-Myers Squibb Co., Cisco Systems, Inc., Coca-Cola Co., Merck & Co., Inc., Nike, Inc., Procter & Gamble Co., Starbucks Corp. and Verizon Communications Inc.
The CDs will pay a coupon equal to the sum of the basket components' weighted returns, with a floor of 1.25%. On any valuation date, if a component's return is at least zero, it will be given a fixed return of 5% to 5.25%. Otherwise, its component return will equal the commodity return, floor of negative 10%.
The payout at maturity will be par.
The exact deal terms will be set at pricing.
Incapital LLC is the distributor.
The notes will price on July 28 and settle on July 31.
The Cusip number is 94986TUK1.
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