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Wells Fargo plans certificates of deposit tied to commodities basket
By Jennifer Chiou
New York, Nov. 2 - Wells Fargo Bank NA plans to issue contingent annual interest certificates of deposit due Nov. 30, 2015 linked to a basket of commodities, according to a term sheet.
The basket includes equal weights of West Texas Intermediate crude oil, natural gas, corn, soybeans, the S&P GSCI Wheat Index Excess Return, the S&P GSCI Livestock Index Excess Return, grade A copper, gold, silver and platinum.
The contingent coupon, payable annually, will be determined using the basket return on annual valuation dates in November. Each component's return will be capped at 11% to 14%, with a floor of negative 20%.
The payout at maturity will be par.
The CDs will price on Nov. 20 and settle on Nov. 30.
The CDs will be FDIC insured.
Morgan Stanley & Co. Inc. is the distributor.
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