Bank of the West plans income advantage CDs due 2018 linked to stocks

By Marisa Wong

Madison, Wis., Aug. 6 - Bank of the West plans to price income advantage market-linked certificates of deposit due Aug. 29, 2018 linked to a basket of common stocks, according to a term sheet.

The basket includes AbbVie Inc., Altria Group, Inc., AT&T Inc., ConocoPhillips and Garmin Ltd.

Each year, the CDs will pay a coupon equal to the performance-based rate, subject to a minimum interest rate of 0.3%.

If each stock's closing price is greater than or equal to its initial price on the valuation date, the performance-based rate will be 6%. If the closing level of one or more stocks is less than its initial stock level, the performance-based rate will be zero.

The payout at maturity will be par plus the final coupon.

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

The CDs will price Aug. 26 and settle Aug. 29.

The fees will be up to 2.25%.

The Cusip number is 06426XHL7.

© 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.