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Bank of the West plans seven-year income CDs linked to stock basket
By Marisa Wong
Madison, Wis., July 14 – Bank of the West plans to price income advantage market-linked certificates of deposit due July 30, 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 July 25 and settle on July 30.
The Cusip number is 06426XLA6.
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