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Bank of the West plans contingent variable-income CDs linked to stocks
By Marisa Wong
Morgantown, W.Va., Feb. 3 – Bank of the West plans to price contingent variable-income market-linked certificates of deposit due Feb. 27, 2023 linked to a basket of common stocks, according to a term sheet.
The underlying stocks are Apple Inc., AT&T Inc., Dominion Resources, Inc., Duke Energy Corp., General Mills, Inc., International Business Machines Corp., Merck & Co., Inc., Philip Morris International Inc., 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 0.5%.
If a stock’s return is positive or flat, its performance will be equal to 5.5%. 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 Feb. 22.
The Cusip number is 06426XQB9.
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