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Bank of the West to sell contingent variable-income CDs on 10 stocks
New York, April 19 – Bank of the West plans to price contingent variable-income market-linked certificates of deposit with a minimum annual interest payment due April 29, 2024 linked to a basket of 10 common stocks, according to a term sheet.
The underlying stocks are AbbVie Inc., AT&T Inc., Cisco Systems, Inc., Duke Energy Corp., Emerson Electric Co., Entergy Corp., General Mills, Inc., Pfizer Inc., Phillips 66 and Verizon Communications 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 5.5%. Otherwise, its performance will be the greater of the stock return and negative 10%.
The payout at maturity will be par.
BNP Paribas Securities Corp. is the agent.
The CDs will price on April 24 and settle on April 27.
The Cusip number is 06426XSJ0.
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