Bank of the West offers contingent variable-income CDs on 10 stocks

New York, Aug. 9 – Bank of the West plans to price contingent variable-income market-linked certificates of deposit with a minimum annual interest payment due Aug. 30, 2023 linked to a basket of 10 common stocks, according to a term sheet.

The underlying stocks are Apple Inc., AT&T Inc., Duke Energy Corp., Ford Motor Co., International Business Machines Corp., Mead Johnson Nutrition Co., Pfizer Inc., Philip Morris International Inc., Southern Co. and Target Corp.

Interest will be payable annually and will equal the average of the stocks’ performances, subject to a minimum interest rate of 0.15%.

If a stock’s return is positive or flat, its performance will be equal to 4.5%. Otherwise, its performance will be the greater of the stock return and negative 10%.

The payout at maturity will be par.

BNP Paribas Securities Corp. is the agent.

The CDs will price on Aug. 25 and settle on Aug. 30.

The Cusip number is 06426XRD4.

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