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Wells Fargo to price certificates of deposit linked to six-month Libor
By Angela McDaniels
Tacoma, Wash., July 27 - Wells Fargo Bank, NA plans to price certificates of deposit due Aug. 19, 2019 linked to six-month Libor, according to a term sheet.
The CDs will carry a fixed interest rate of 6.5% for the first year. After that, the interest rate will equal 6.5% per year multiplied by the proportion of days on which six-month Libor is less than 6%. Interest will be payable quarterly.
The payout at maturity will be par.
Beginning Aug. 18, 2010, the CDs will be callable at par on any interest payment date.
The CDs will price Aug. 11 and settle Aug. 18.
Bank Hapoalim is the distributor.
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