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Bank of the West plans seven-year CDs linked to three global indexes
New York, April 6 – Bank of the West plans to price market-linked certificates of deposit due April 29, 2022 linked to a basket of three global indexes, according to a term sheet.
The underlying indexes are the Hang Seng index, with a 33.33% weight, the S&P 500 index, with a 33.33% weight and the Euro Stoxx 50 index, also with a 33.33% weight.
The payout at maturity will be par plus the basket gain, with a minimum payout of par plus 2% to par plus 4%. The exact minimum return will be set at pricing.
To calculate the basket gain, Bank of the West will average the performance of the indexes on quarterly observation dates throughout the life of the CD, starting on July 27, 2015 and ending on April 26, 2022.
BNP Paribas Securities Corp. is the agent.
The CDs will price on April 27 and settle on April 30.
The Cusip number is 06426XNB2.
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