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Wells Fargo plans to price quarterly capped CDs linked to S&P 500
By Marisa Wong
Madison, Wis., Feb. 8 - Wells Fargo Bank, NA plans to price 0% quarterly capped certificates of deposit due Feb. 28, 2019 linked to the S&P 500 index, according to a term sheet.
The payout at maturity will be par plus the sum of the returns on the index for the 28 quarters making up the life of the CDs. The quarterly returns are subject to a cap of 5% to 6%. The payout is subject to a floor of par plus 3.5%.
The return of the index in each quarter may be positive or negative and will be capped at 5% to 6%. The exact cap will be set at pricing.
The CDs (Cusip: 949748N45) are expected to price Feb. 23 and settle Feb. 28.
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