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Bank of the West plans seven-year income CDs linked to Dividend Kings
New York, Jan. 2 – Bank of the West plans to price income advantage market-linked certificates of deposit due Jan. 31, 2022 linked to a basket of five equally weighted stocks selected from the Richard Bernstein Advisors Global Dividend Kings universe, according to a term sheet.
The underlying companies are AT&T Inc., McDonald’s Corp., Philip Morris International Inc., PPL Corp. and Sanofi.
Interest is payable annually. If each stock’s closing share price on the valuation date is greater than or equal to its initial share price, the coupon will be 6.5%. If the closing share price of one or more stocks is less than its initial share price, the coupon will be 1%.
The payout at maturity will be par.
BNP Paribas Securities Corp. is the agent.
The CDs will price on Jan. 26 and settle on Jan. 29.
The Cusip number is 06426XMH0.
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