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Wells Fargo plans issue of CDs linked to commodities basket
By Jennifer Chiou
New York, Dec. 5 - Wells Fargo Bank NA said it plans to issue certificates of deposit with a maturity of June 28, 2011 linked to a basket of commodities, according to a term sheet.
The basket includes equal weights of aluminum, copper, nickel and zinc.
The CDs will price on Dec. 22 and settle on Dec. 29.
At maturity, investors will receive par plus a minimum interest amount of 50% of the deposit amount for a 9.43% annual percentage yield if the basket level is positive. Investors will receive at least par.
The valuation date will be June 22, 2011.
The CDs will be FDIC insured.
Wells Fargo Securities, LLC will be the underwriter.
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