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Wells Fargo plans variable annual interest CDs due 2024 on 10 stocks
By Susanna Moon
Chicago, Jan. 9 – Wells Fargo Bank, NA plans to price variable annual interest certificates of deposit due Jan. 30, 2024 linked to five stocks, according to a term sheet.
The underlying companies are Apple Inc., Coca-Cola Co., AT&T Inc., Merck & Co., Inc., Bristol-Myers Squibb Co., Nike, Inc., Caterpillar Inc., Procter & Gamble Co., Cisco Systems, Inc. and Starbucks Corp.
The coupon will be equal to the sum of the stocks’ weighted component returns, subject to a minimum interest rate of 1% per year. Interest will be payable annually.
If a stock’s underlying return is at least zero, its component return will be equal to the fixed component return, which is expected to be 5% to 5.25%. Otherwise, its component return will be equal to its underlying return, floor of negative 15%.
The payout at maturity will be par plus the final coupon.
Incapital LLC is the distributor.
The CDs will price on Jan. 26 and settle on Jan. 30.
The Cusip number is 94986TK48.
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