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Wells Fargo plans variable annual interest CDs tied to 10 stocks
By Marisa Wong
Morgantown, W.Va., Sept. 24 – Wells Fargo Bank, NA plans to price variable annual interest certificates of deposit due Sept. 28, 2023 linked to 10 stocks, according to a term sheet.
The underlying companies are Altria Group, Inc., Apple Inc., AT&T Inc., Chevron Corp., Cisco Systems, Inc., Exxon Mobil Corp., Ford Motor Co., International Business Machines Corp., Merck & Co., Inc. and Verizon Communications Inc.
The CDs will pay an annual coupon equal to the sum of the stocks’ weighted component returns, with a minimum interest rate of 1.25%.
If a stock’s underlying return is at least zero, its component return will be equal to the fixed component return of at least 5.6%, with the exact percentage to be set at pricing. Otherwise, its component return will be equal to its underlying return, with a floor of negative 15%.
The payout at maturity will be par.
Incapital LLC is the distributor.
The CDs will price Sept. 25.
The Cusip number is 94986T6S1.
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