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Bank of the West plans contingent variable-income CDs on 10 stocks
By Marisa Wong
Madison, Wis., Oct. 8 – Bank of the West plans to price contingent variable-income market-linked certificates of deposit due Oct. 29, 2021 linked to a basket of stocks, according to a term sheet.
The underlying common stocks are Altria Group, Inc., Apple Inc., AT&T Inc., Darden Restaurants Inc., Duke Energy Corp., GlaxoSmithKline plc, McDonald’s Corp., PPL Corp., Seagate Technology plc and Verizon Communications Inc.
Interest is 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 the auto cap of 7%. 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 Oct. 27 and settle Oct. 30
The Cusip number is 06426XLR9.
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