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Bank of the West plans seven-year income CDs linked to 10 stocks
New York, July 6 – Bank of the West plans to price contingent variable income market-linked certificates of deposit due July 29, 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., ConAgra Foods Inc., Duke Energy Corp., Ford Motor Co., International Business Machines Corp., Kinder Morgan Inc. and Merck & Co., Inc.
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 6.5% if its return compared to the initial value is positive or, if the stock has declined, its loss subject to a floor of negative 10%.
The payout at maturity will be par.
BNP Paribas Securities Corp. is the agent.
The CDs will price on July 27 and settle on July 30.
The Cusip number is 06426XNP1.
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