Bank of the West plans seven-year income CDs linked to stock basket

By Susanna Moon

Chicago, June 11 – Bank of the West plans to price 0% market-linked certificates of deposit due June 28, 2021 linked to a basket of five equally weighted stocks, according to a term sheet.

The underlying companies are Apple Inc., Bristol-Myers Squibb Co., McDonald’s Corp., PPL Corp. and Verizon Communications 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 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 the distributor.

The CDs will price on June 24 and settle on June 27.

The Cusip number is 06426XKU3.

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