Bank of the West plans contingent income CDs linked to commodities

By Susanna Moon

Chicago, Dec. 17 - Bank of the West plans to price contingent variable income market-linked certificates of deposit due Dec. 27, 2019 linked to a basket of commodity future indexes, according to a term sheet.

The underlying indexes are the S&P GSCI Cocoa Dynamic Roll Index ER, S&P GSCI Coffee Dynamic Roll Index ER, S&P GSCI Corn Dynamic Roll Index ER, S&P GSCI Cotton Dynamic Roll Index ER, S&P GSCI Gold Dynamic Roll Index ER, S&P GSCI Lead Dynamic Roll Index ER, S&P GSCI Natural Gas Dynamic Roll Index ER, S&P GSCI Nickel Dynamic Roll Index ER, S&P GSCI Sugar Dynamic Roll Index ER and S&P GSCI Wheat Dynamic Roll Index ER.

Interest is payable annually and will equal the average of the indexes' performances, subject to a minimum interest rate of 0.3%.

If an index 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 Dec. 21 and settle on Dec. 27.

The Cusip number is 06426X FP 0.

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