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Bank of the West plans income advantage CDs linked to five stocks
New York, April 19 – Bank of the West plans to price income advantage market-linked certificates of deposit with a minimum annual interest payment due April 29, 2024 linked to a basket of five common stocks, according to a term sheet.
The underlying stocks are AbbVie Inc., AT&T Inc., Cisco Systems, Inc., Duke Energy Corp. and Emerson Electric Co.
Interest will be payable annually. If each stock’s closing share price on the relevant valuation date is greater than or equal to its initial share price, the coupon for that year will be 10%. If the closing share price of one or more stocks is less than its initial share price, the coupon will be 0.25%.
The payout at maturity will be par.
BNP Paribas Securities Corp. is the agent.
The CDs will price on April 24 and settle on April 27.
The Cusip number is 06426XSK7.
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