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Wells Fargo plans seven-year certificates of deposit tied to S&P 500
By Angela McDaniels
Tacoma, Wash., July 20 - Wells Fargo Bank, NA plans to price 0% certificates of deposit due July 31, 2017 linked to the S&P 500 index, according to a term sheet.
The payout at maturity will be par plus the index return, subject to a minimum return of 1% to 5% and a maximum return of 60%. The exact minimum return will be set at pricing.
The final index level will be the average of its closing levels on Jan. 24 and July 24 of each year, beginning Jan. 24, 2011 and ending July 24, 2017.
The CDs (Cusip: 949748ZH3) are expected to price July 23 and settle July 30.
Barclays Capital Inc. is the agent.
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