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Bank of the West plans income CDs tied to Apple, AT&T, Philip Morris
New York, Oct. 2 – Bank of the West plans to price income advantage market-linked certificates of deposit due Oct. 29, 2020 linked to a basket of three stocks, according to a term sheet.
The underlying companies are Apple Inc., AT&T Inc. and Philip Morris International Inc.
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 5%. If the closing share price of one or more stocks is less than its initial share price, the coupon will be 0.3%.
The payout at maturity will be par.
BNP Paribas Securities Corp. is the agent.
The CDs will price on Oct. 26 and settle on Oct. 29.
The Cusip number is 06426XPE4.
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