Bank of the West plans contingent income CDs tied to commodity indexes

By Marisa Wong

Madison, Wis., Nov. 7 - Bank of the West plans to price contingent variable income market-linked certificates of deposit due Nov. 28, 2017 linked to a basket of commodity indexes, according to a term sheet.

The underlying indexes are the S&P GSCI Cocoa Dynamic Roll Index Excess Return, the S&P GSCI Corn Dynamic Roll Index Excess Return, the S&P GSCI Cotton Dynamic Roll Index Excess Return, the S&P GSCI Lead Dynamic Roll Index Excess Return, the S&P GSCI Natural Gas Dynamic Roll Index Excess Return, the S&P GSCI Nickel Dynamic Roll Index Excess Return, the S&P GSCI Silver Dynamic Roll Index Excess Return, the S&P GSCI Sugar Dynamic Roll Index Excess Return, the S&P GSCI Wheat Dynamic Roll Index Excess Return and S&P GSCI Zinc Dynamic Roll Index Excess Return.

Interest is payable annually in an amount equal to the average of the indexes' performances, subject to a floor of zero.

If an index's return is positive or flat, its performance will be fixed at 6.5% to 9.5%. Otherwise, its performance will be the greater of the index return and negative 20%. The exact fixed percentage will be set at pricing.

The payout at maturity will be par.

The CDs (Cusip: 06426XCH1) will price Nov. 22 and settle Nov. 28.

BNP Paribas Securities Corp. is the agent. Advisors Asset Management, Inc. is the distributor.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.