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Bank of the West aims to sell income advantage CDs tied to five stocks
New York, July 5 – Bank of the West plans to price income advantage market-linked certificates of deposit with a minimum annual interest payment due July 28, 2023 linked to a basket of five common stocks, according to a term sheet.
The underlying stocks are Apple Inc., AT&T Inc., Ford Motor Co., Pfizer Inc. and Southern Co.
Interest will be payable annually. If each stock’s closing share price on the relevant valuation date is greater than or equal to its initial share price, the coupon for that year will be 4%. If the closing share price of one or more stocks is less than its initial share price, the coupon will be 0.5%.
The payout at maturity will be par.
BNP Paribas Securities Corp. is the agent.
The CDs will price on July 25 and settle on July 28.
The Cusip number is 06426XRA0.
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