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Wells Fargo plans CDs with quarterly returns linked to S&P 500 index
By Angela McDaniels
Tacoma, Wash., March 6 – Wells Fargo Bank, NA plans to price 0% certificates of deposit due April 3, 2024 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 10%.
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 4.75% to 5.25% and will be set at pricing.
Incapital LLC is the distributor.
The CDs will price March 28.
The Cusip number is 94986TN78.
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