Bank of the West plans income advantage CDs on commodity indexes

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 commodity futures indexes, according to a term sheet.

The basket includes the S&P GSCI Cocoa Dynamic Roll Index ER, the S&P GSCI Coffee Dynamic Roll Index ER, the S&P GSCI Corn Dynamic Roll Index ER, the S&P GSCI Lead Dynamic Roll Index ER and the S&P GSCI Natural Gas Dynamic Roll Index ER.

Each year, the CDs will pay a coupon equal to the performance-based rate or 1%, whichever is greater.

If each index’s closing level is greater than or equal to its initial index level on the valuation date for that year, the performance-based rate will be 7%. If the closing level of one or more indexes is less than its initial index level, the performance-based rate will be zero.

The payout at maturity will be par plus the final coupon.

The CDs (Cusip: 06426XMJ6) are expected to price on Jan. 26 and settle on Jan. 29.

BNP Paribas Securities Corp. is the agent.

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