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Bank of the West plans seven-year income CDs linked to 10 stocks
New York, June 2 – 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 Altria Group, Inc., Apple Inc., AT&T Inc., CME Group Inc., Duke Energy Corp., Ford Motor Co., Intel Corp., Kinder Morgan Inc., Pfizer Inc. and Schlumberger Ltd.
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 6% if its return compared to the initial value is positive or, if the stock has declined, its loss subject to a floor of negative 13%.
The payout at maturity will be par.
BNP Paribas Securities Corp. is the agent.
The CDs will price on June 24 and settle on June 29.
The Cusip number is 06426XNK2.
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