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Wells Fargo Bank plans 1% CDs with quarterly returns tied to S&P 500
By Marisa Wong
Morgantown, W.Va., June 19 – Wells Fargo Bank, NA plans to price 1% certificates of deposit due July 2, 2024 linked to the S&P 500 index, according to a term sheet.
Interest is payable annually.
The payout at maturity will be par plus the sum of the index’ returns in each of the 28 quarters making up the life of the CDs minus 7%, subject to a minimum payout of par.
Each quarter, the index’s return will be measured from the beginning of that quarter to the end of that quarter. The return in each quarter can be positive or negative and will be subject to a cap that is expected to be 4.25% to 4.75% and will be set at pricing.
If the sum of the index’s quarterly returns is not greater than 7%, investors will not receive any additional payment at maturity.
Incapital LLC is the distributor.
The CDs will price June 27.
The Cusip number is 94986TU88.
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