Bank of West plans 0.75%-10% income CDs due 2024 tied to five stocks

By Susanna Moon

Chicago, Aug. 21 – Bank of the West plans to price income advantage market-linked certificates of deposit with a minimum annual interest payment due Aug. 30, 2024 linked to a basket of five common stocks, according to a term sheet.

The underlying companies are AbbVie Inc., Apple Inc., Chevron Corp., Verizon Communications Inc. and Welltower Inc.

Interest will be payable annually. If each stock closes at or above its initial level on a valuation, the coupon for that year will be 10%. Otherwise, the coupon will be 0.75%.

The payout at maturity will be par.

BNP Paribas Securities Corp. is the agent.

The CDs will price on Aug. 25 and settle on Aug. 30.

The Cusip number is 06426XTE0.

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