Wells Fargo plans to price quarterly capped CDs linked to S&P 500

By Jennifer Chiou

New York, March 30 - Wells Fargo Bank, NA plans to price 0.5% quarterly capped certificates of deposit due Oct. 31, 2017 linked to the S&P 500 index, according to a term sheet.

Interest will be payable semiannually.

The payout at maturity will be par plus the greater of zero and the sum of the returns on the index for the 22 quarters making up the life of the CDs. The quarterly returns are subject to a cap of 3.25% to 5.25%.

The exact cap will be set at pricing.

The CDs (Cusip: 949748P27) are expected to price on April 25 and settle on April 30.

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