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Bank of the West plans contingent variable-income CDs tied to stocks
New York, April 4 – Bank of the West plans to price contingent variable-income market-linked certificates of deposit due April 28, 2023 linked to a basket of common stocks, according to a term sheet.
The underlying stocks are Apple Inc., AT&T Inc., Cisco Systems, Inc., Duke Energy Corp., Merck & Co., Inc., Philip Morris International Inc., Southern Co., Target Corp. and Verizon Communications Inc.
Interest will be payable annually and will equal the average of the stocks’ performances, subject to a minimum interest rate of 0.2%.
If a stock’s return is positive or flat, its performance will be equal to 5%. Otherwise, its performance will be the greater of the stock return and negative 12%.
The payout at maturity will be par.
BNP Paribas Securities Corp. is the agent.
The CDs will price on April 25.
The Cusip number is 06426XQJ2.
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