Wells Fargo plans variable annual interest CDs due 2022 on five stocks

By Susanna Moon

Chicago, Jan. 9 – Wells Fargo Bank, NA plans to price variable annual interest certificates of deposit due Jan. 31, 2022 linked to five stocks, according to a term sheet.

The underlying companies are Apple Inc., AT&T Inc., Bristol-Myers Squibb Co., Cisco Systems, Inc. and Nike, Inc.

Interest will be payable annually. If each underlying stock closes at or above its initial share price on the valuation date for that year, the coupon will be 4% to 4.25%, with the exact rate to be set at pricing. If any stock closes below its initial share price on the valuation date, the coupon for that year will be 1%.

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 94986TJ99.

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