Wells Fargo plans seven-year CDs with 18%-20% cap linked to S&P 500

By Susanna Moon

Chicago, April 20 – Wells Fargo Bank, NA plans to price 0% certificates of deposit due April 30, 2024 linked to the S&P 500 index, according to a term sheet.

The payout at maturity will be par plus any index gain, up to a maximum return of 18% to 20%. The exact cap will be set at pricing.

If the index falls, the payout will be par.

Incapital LLC is the distributor.

The CDs will price on April 25.

The Cusip number is 94986TQ91.

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