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Bank of the West to price growth opportunity CDs linked to stocks
By Angela McDaniels
Tacoma, Wash., Sept. 1 - Bank of the West plans to price 0% growth opportunity market-linked certificates of deposit due Sept. 28, 2018 linked to a basket of common stocks, according to a term sheet.
The basket includes Altria Group, Inc., AT&T Inc., CenturyLink, Inc., Eli Lilly & Co., Exelon Corp., M&T Bank Corp. and McDonald's Corp.
The payout at maturity will be par plus the greater of (a) the lock-in amount and (b) the lesser of the final basket return and the maximum return, which is expected to be 60% to 80% and will be set at pricing.
The lock-in amount will be 50% if the basket return is greater than or equal to 50% on Sept. 25, 2012, Sept. 25, 2013, Sept. 25, 2104, Sept. 25, 2015, Sept. 27, 2016 or Sept. 26, 2017. Otherwise, the lock-in amount will be zero.
The final basket return will be the average of the basket stocks' returns on the final valuation date.
The CDs (Cusip: 06426XBX7) will price Sept. 27 and settle Sept. 30.
BNP Paribas Securities Corp. is the agent. Advisors Asset Management, Inc. is the distributor.
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