Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers W > Headlines for Wells Fargo Bank NA > News item |
Wells Fargo plans variable annual interest CDs linked to 10 stocks
By Marisa Wong
Morgantown, W.Va., Aug. 13 – Wells Fargo Bank, NA plans to price variable annual interest market-linked certificates of deposit due Sept. 1, 2022 linked to a basket of 10 equally weighted stocks, according to a term sheet.
The underlying companies are Apple Inc., AT&T Inc., Bristol-Myers Squibb Co., Cisco Systems, Inc., Coca-Cola Co., Merck & Co., Inc., Nike, Inc., Procter & Gamble Co., Starbucks Corp. and Verizon Communications Inc.
The CDs will pay a coupon equal to the sum of the basket components’ weighted returns, with a floor of 1.25%. On any valuation date, if a component’s return is at least zero, it will be given a fixed return of 5% to 5.25%. Otherwise, its component return will equal the commodity return, floor of negative 15%.
The payout at maturity will be par.
The exact deal terms will be set at pricing.
Incapital LLC is the distributor.
The notes will price on Aug. 26 and settle on Aug. 31.
The Cusip number is 94986TUY1.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.