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Bank of the West plans seven-year income CDs linked to five stocks
New York, Nov. 3 – Bank of the West plans to price income advantage market-linked certificates of deposit due Nov. 28, 2022 linked to a basket of five equally weighted stocks, according to a term sheet.
The underlying companies are Apple Inc., Duke Energy Corp., Ford Motor Co., Philip Morris International Inc. and Verizon Communications Inc.
Interest is payable annually. If each stock’s closing share price on the valuation date is greater than or equal to its initial share price, the coupon will be 7%. If the closing share price of one or more stocks is less than its initial share price, the coupon will be 0.75%.
The payout at maturity will be par.
BNP Paribas Securities Corp. is the agent.
The CDs will price on Nov. 23 and settle on Nov. 27.
The Cusip number is 06426XPL8.
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