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Wells Fargo plans to price seven-year CDs linked to S&P 500 index
By Marisa Wong
Morgantown, W.Va., Jan. 14 – Wells Fargo Bank, NA plans to price certificates of deposit due Jan. 31, 2023 linked to the S&P 500 index, according to a term sheet.
The payout at maturity will be par plus the index interest, subject to a minimum of 10%. The index interest will be equal to the sum of the index’s returns in each of the 28 quarters making up the life of the CDs, subject to a cap each quarter that is expected to be 4% to 4.5% and will be set at pricing. The index’s return will be measured relative to its level at the beginning of that quarter.
Incapital LLC is the distributor.
The CDs will price Jan. 26 and settle Jan. 29.
The Cusip number is 94986TWW3.
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