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Wells Fargo plans variable annual interest CDs tied to 10 stocks
By Marisa Wong
Morgantown, W.Va., May 22 – Wells Fargo Bank, NA plans to price variable annual interest certificates of deposit due June 3, 2024 linked to 10 stocks, according to a term sheet.
The underlying companies are Apple Inc., AT&T Inc., Bristol-Myers Squibb Co., Caterpillar Inc., Cisco Systems, Inc., Coca-Cola Co., Merck & Co., Inc., Nike, Inc., Procter & Gamble Co. and Starbucks Corp.
The CDs will pay an annual coupon equal to the sum of the stocks’ weighted component returns, with a minimum interest rate of 1%.
If a stock’s underlying return is at least zero, its component return will be equal to the fixed component return of 5% to 5.25%, with the exact percentage to be set at pricing. Otherwise, its component return will be equal to its underlying return, with a floor of negative 15%.
The payout at maturity will be par.
Incapital LLC is the distributor.
The CDs will price on May 25.
The Cusip number is 94986TT56.
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