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Wells Fargo plans seven-year CDs with 6% minimum return tied to S&P
By Susanna Moon
Chicago, April 11 – Wells Fargo Bank, NA plans to price certificates of deposit due May 1, 2023 linked to the S&P 500 index, according to a term sheet.
The payout at maturity will be par plus the greater of any index interest and the minimum return of 6%.
The index interest will be equal to the sum of the capped index returns for the 28 quarterly valuation periods, with a maximum quarterly return of 4% to 4.5%. The exact cap will be set at pricing.
Incapital LLC is the distributor.
The CDs will price on April 26 and settle on April 29.
The Cusip number is 94986TYK7.
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