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Bank of the West to price six-year CDs linked to basket of 10 stocks
By Marisa Wong
Madison, Wis., Sept. 8 - Bank of the West plans to price market-linked certificates of deposit due Sept. 30, 2016 linked to a basket of common stocks, according to a term sheet.
The basket includes Altria Group, Inc., Amazon.com, Inc., Bristol-Myers Squibb Co., The Coca-Cola Co., Ford Motor Co., Google Inc., Kraft Foods, Inc., Merck & Co., Inc., Schlumberger Ltd. and The Travelers Cos., Inc.
Interest is payable annually and will equal the average of the basket stocks' returns, subject to a floor of zero. Each basket stock's return will be subject to a floor of negative 30% and a cap of 7% to 10%, which will be set at pricing.
The CDs (Cusip: 06426XAB6) are expected to price Sept. 27 and settle Sept. 30.
BNP Paribas Securities Corp. is the agent, and Advisors Asset Management, Inc. is distributor.
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