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Bank of the West plans income advantage CDs due 2018 on five stocks
By Marisa Wong
Madison, Wis., June 13 - Bank of the West plans to price income advantage market-linked certificates of deposit due June 27, 2018 linked to a basket of five stocks, according to a term sheet.
The underlying stocks are AT&T Inc., Garmin Ltd., Lorillard Inc., PPL Corp. and Southern Copper Corp.
If the share price of every stock is greater than or equal to its respective initial price on an annual valuation date, the interest rate will be 4.5%. If the share price of one or more stocks is less than its initial price, the interest rate will be 0.15% for that interest period. Interest is payable annually.
The payout at maturity will be par plus the final coupon.
BNP Paribas Securities Corp. is the agent. Advisors Asset Management, Inc. is the distributor.
The CDs will price June 24 and settle June 27.
The Cusip number is 06426XGZ7.
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