Wells Fargo plans seven-year CDs with 6% minimum return on S&P 500

By Marisa Wong

Morgantown, W.Va., Sept. 19 – Wells Fargo Bank, NA plans to price certificates of deposit due Sept. 29, 2023, linked to the S&P 500 index, according to a term sheet.

The payout at maturity will be par plus the greater of any index interest and the minimum return of 6%.

The index interest will be equal to the sum of the capped index returns for the 28 quarterly valuation periods, with a maximum quarterly return of 4% to 4.5%. The exact cap will be set at pricing.

Incapital LLC is the distributor.

The CDs will price on Sept. 27 and settle on Sept. 30.

The Cusip number is 94986TC70.

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