Wells Fargo plans callable range accrual CDs tied to six-month Libor

By Jennifer Chiou

New York, April 7 - Wells Fargo Bank, NA plans to price 0% callable range accrual certificates of deposit due April 22, 2022 linked to six-month Libor, according to a term sheet.

The interest rate is fixed at 6% for the first year. After that time, the interest rate will be 6% per year multiplied by the proportion of days on which six-month Libor is no greater than 6%. Interest is payable quarterly.

The payout at maturity will be par.

The notes are callable at par on any interest payment date beginning on April 22, 2012.

The CDs are expected to price on April 15 and settle on April 22.

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