West Bank plans six-year CDs with auto cap linked to equities basket

By Marisa Wong

Madison, Wis., Oct. 28 - West Bank plans to price annual income opportunity certificates of deposit with auto cap feature due Nov. 25, 2016 linked to a basket of U.S. equities, according to a term sheet.

The basket includes equal weights of Altria Group, Inc., Broadcom Corp., Exxon Mobil Corp., Google Inc., Johnson & Johnson, Kellogg Co., Merck & Co., Inc., Streettracks Gold Trust, U.S. Bancorp and Verizon Communications Inc.

Interest is payable annually and will equal the average of the basket component performances, subject to a floor of zero.

If a basket component's return is positive, its performance will equal the auto cap rate. If a basket equity's return is negative, its performance will be the greater of the return and negative 30%.

The auto cap will be 6% to 9% and will be set at pricing.

The CDs (Cusip: 95144PCV1) are expected to price on Nov. 24 and settle on Nov. 30.

Advisors Asset Management, Inc. is the distributor.

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