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Bank of the West plans seven-year CDs linked to S&P 500, Stoxx 50
New York, Aug. 4 – Bank of the West plans to price market-linked certificates of deposit due Aug. 30, 2022 linked to a basket made up of the S&P 500 index with a 50% weight and the Euro Stoxx 50 index, also with a 50% weight, according to a term sheet.
The payout at maturity will be par plus the basket gain, with a minimum payout of par plus 3.5% to par plus 5.5%. The exact minimum return will be set at pricing.
To calculate the basket gain, Bank of the West will average the performance of the indexes on quarterly observation dates throughout the life of the CD, starting on Nov. 25, 2015 and ending on Aug. 25, 2022.
BNP Paribas Securities Corp. is the agent.
The CDs will price on Aug. 26 and settle on Aug. 31.
The Cusip number is 06426XNY2.
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