Wells Fargo plans issue of CDs linked to commodities basket

By Jennifer Chiou

New York, Jan. 3 - Wells Fargo Bank NA said it plans to issue certificates of deposit with a maturity of July 29, 2011 linked to a basket of commodities, according to a term sheet.

The basket includes equal weights of aluminum, copper, nickel and zinc.

The CDs will price on Jan. 23 and settle on Jan. 30.

At maturity, investors will receive par plus a minimum interest amount of 55% of the deposit amount for a 10.24% annual percentage yield if the basket level is positive. Investors will receive at least par.

The valuation date will be July 25, 2011.

The CDs will be FDIC insured.

Wells Fargo Securities, LLC will be the underwriter.

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