Wells Fargo plans seven-year CDs with 7% minimum return on S&P 500

By Wendy Van Sickle

Columbus, Ohio, Nov. 10 – Wells Fargo Bank, NA plans to price certificates of deposit due Nov. 30, 2023 linked to the S&P 500 index, according to a term sheet.

The payout at maturity will be par plus the sum of the index's returns in each of the 28 quarters making up the life of the CDs, subject to a minimum return at maturity of 7%.

Each quarter, the index's return will be measured from the beginning of that quarter to the end of that quarter. The return in each quarter can be positive or negative and will be subject to a cap that is expected to be 4% to 4.5% and will be set at pricing.

Incapital LLC is the distributor.

The CDs will price Nov. 23.

The Cusip number is 94986TF69.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.