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Bank of the West to price income advantage CDs linked to stock basket
By Marisa Wong
Madison, Wis., Jan. 7 - Bank of the West plans to price income advantage market-linked certificates of deposit due Jan. 29, 2021 linked to a basket of common stocks, according to a term sheet.
The underlying stocks are AT&T Inc., Intel Corp., Merck & Co., Inc., Philip Morris International 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 7%. If the closing share price of one or more stocks is less than its initial share price, the coupon will be 1%.
The payout at maturity will be par.
BNP Paribas Securities Corp. is the agent. Advisors Asset Management, Inc. is distributor.
The CDs will price Jan. 27 and settle Jan. 30.
The fees will be up to 4%.
The Cusip number is 06426XJU5.
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