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Bank of the West plans contingent variable-income CDs on 10 stocks
New York, May 4 – Bank of the West plans to price contingent variable-income market-linked certificates of deposit with a minimum annual interest payment due May 30, 2024 linked to a basket of 10 common stocks, according to a term sheet.
The underlying stocks are AbbVie Inc., Altria Group, Inc., AT&T Inc., BB&T Corp., Chevron Corp., Duke Energy Corp., Entergy Corp., Pfizer Inc., Prudential Financial, Inc., 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 5.3%. 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 May 24 and settle on May 30.
The Cusip number is 06426XSN1.
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