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Wells Fargo to price 0.5% quarterly capped CDs linked to Russell 2000
By Angela McDaniels
Tacoma, Wash., June 6 - Wells Fargo Bank, NA plans to price 0.5% quarterly capped certificates of deposit due June 29, 2018 linked to the Russell 2000 index, according to a term sheet.
Interest will be payable semiannually.
The payout at maturity will be par plus the sum of the returns of the index for each of the 24 quarters making up the life of the CDs. The payout is subject to a floor of par.
The return of the index in each quarter will be measured from the beginning of that quarter. It could be positive or negative and will be capped at 3.75% to 5.25%. The exact cap will be set at pricing.
The CDs (Cusip: 949748Q83) are expected to price June 25 and settle June 29.
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