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Bank of the West plans seven-year income CDs linked to 10 stocks
New York, May 6 – Bank of the West plans to price contingent variable income market-linked certificates of deposit due May 31, 2022 linked to a basket of 10 equally weighted stocks, according to a term sheet.
The underlying companies are AbbVie Inc., Apple Inc., AT&T Inc., CME Group Inc., Duke Energy Corp., Entergy Corp., Ford Motor Co., Kinder Morgan Inc., Merck & Co., Inc. and Seagate Technology plc.
Interest is payable annually at a rate equal to the average of the reference share returns for each share in the basket, with a minimum payment of 0.5%.
For each stock, the reference share return will be its return compared to the initial value subject to a cap of 6% and a floor of negative 12%.
The payout at maturity will be par.
BNP Paribas Securities Corp. is the agent.
The CDs will price on May 22 and settle on May 28.
The Cusip number is 06426XNH9.
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