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Wells Fargo plans variable annual interest CDs linked to 10 stocks
By Marisa Wong
Morgantown, W.Va., Sept. 19 – Wells Fargo Bank, NA plans to price variable annual interest certificates of deposit due Sept. 29, 2023 linked to a basket of 10 stocks, according to a term sheet.
The underlying companies are Apple Inc., AT&T Inc., Bristol-Myers Squibb Co., Caterpillar Inc., Cisco Systems, Inc., Coca-Cola Co., Merck & Co., Inc., Nike, Inc., Procter & Gamble Co. and Starbucks Corp.
The CDs will pay an annual coupon equal to the sum of the stocks’ weighted component returns, with a minimum interest rate of 0.25% per year. The exact rate will be set at pricing.
If an underlying return is at least zero on any valuation date, its component return will be equal to the fixed component return of 5% to 5.25%. Otherwise, its component return will be equal to its underlying return, with a floor of negative 15%.
The payout at maturity will be par plus the final coupon.
Incapital LLC is the distributor.
The CDs will price on Sept. 27 and settle on Sept. 29.
The Cusip number is 94986TC47.
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