West Bank plans six-year CDs with auto cap linked to equities basket

By Jennifer Chiou

New York, Oct. 19 - West Bank plans to price annual income opportunity certificates of deposit with auto cap feature due Oct. 26, 2016 linked to a basket of U.S. equities, according to a term sheet.

The basket includes equal weights of Altria Group, Inc., Broadcom Corp., Exxon Mobil Corp., Google Inc., Johnson & Johnson, Kellogg Co, Merck & Co., Inc., Streettracks Gold Trust, U.S. Bancorp and Verizon Communications Inc.

Interest is payable annually and will equal the average of the basket component returns, subject to a floor of zero. Each basket equity's return will be subject to a floor of negative 30% and a cap of 9% to 9%, which will be set at pricing.

The CDs (Cusip: 95144PCV1) are expected to price on Oct. 26 and settle on Oct. 29.

Advisors Asset Management, Inc. is distributor.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.