Bank of the West to sell CDs on Morningstar Ultimate Stock-Pickers

New York, Sept. 13 – Bank of the West plans to price 0% market-linked certificates of deposit due Sept. 28, 2022 linked to the Morningstar Ultimate Stock-Pickers Target Volatility 7 index, according to a term sheet.

The payout at maturity will be par plus the index return, subject to a minimum payout of par.

The index intends to represent a performance benchmark that invests in the Morningstar Ultimate Stock-Pickers index, algorithmically adjusts the leverage of its investment so as to decrease exposure in times of high volatility and increase exposure in times of low volatility in order to seek to maintain a constant target volatility of 7% and is made with borrowed money funded at a synthetically rolling three-month Libor.

The objective of the base index is to invest in up to 60 publicly listed equities that are among the most widely held and most purchased stocks of the 26 select investment managers followed by Morningstar referred to as the Morningstar Ultimate Stock-Pickers.

BNP Paribas Securities Corp. is the agent.

The CDs will price on Sept. 25 and settle on Sept. 28.

The Cusip number is 06426XTL4.

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