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Bank of the West plans seven-year income CDs linked to five stocks
New York, March 6 – Bank of the West plans to price income advantage market-linked certificates of deposit due March 30, 2022 linked to a basket of five equally weighted stocks, according to a term sheet.
The underlying companies are AbbVie Inc., AT&T Inc., CME Group Inc., Kinder Morgan Inc. and PPL Corp.
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 6.5%. 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 March 25 and settle on March 30.
The Cusip number is 06426XMT4.
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