Bank of the West plans contingent income CDs due 2019 on 10 stocks

By Toni Weeks

San Diego, Jan. 8 - Bank of the West plans to price contingent variable income market-linked certificates of deposit due Jan. 30, 2019 linked to a basket of 10 stocks, according to a term sheet.

The underlying stocks are Altria Group, Inc., AT&T Inc., Barrick Gold Corp., Exelon Corp., Kinder Morgan, Inc., Lockheed Martin Corp., PPL Corp., Reynolds American Inc., Spectra Energy Corp. 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%.

If a stock return is positive or flat, its performance will be equal to the auto cap. Otherwise, its performance will be the greater of the return and negative 20%. The auto cap is expected to be 5.5% to 6.5% and will be set at pricing.

The payout at maturity will be par plus the last coupon.

BNP Paribas Securities Corp. is the agent. Advisors Asset Management, Inc. is the distributor.

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

The Cusip number is 06426XFS4.

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