Bank of the West plans contingent variable-income CDs linked to stocks

By Angela McDaniels

Tacoma, Wash., Jan. 5 – Bank of the West plans to price contingent variable-income market-linked certificates of deposit due Jan. 30, 2023 linked to a basket of common stocks, according to a term sheet.

The underlying stocks are Apple Inc., AT&T Inc., Cisco Systems, Inc., Duke Energy Corp., Hershey Co., Merck & Co., Inc., Philip Morris International Inc., Target Corp., Verizon Communications Inc. and Xcel Energy 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 6%. 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 Jan. 25.

The Cusip number is 06426XPV6.

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