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Bank of the West to price six-year CDs linked to basket of 10 stocks
By Angela McDaniels
Tacoma, Wash., Nov. 3 - Bank of the West plans to price market-linked certificates of deposit due Nov. 29, 2016 linked to a basket of common stocks, according to a term sheet.
The basket includes AT&T Inc., Bristol-Myers Squibb Co., CVS Caremark Corp., Intel Corp., Medtronic, Inc., Monsanto Co., Newmont Mining Corp., Pfizer Inc., Southern Co. and Verizon Communications Inc.
Interest is payable annually and will equal the average of the basket stocks' returns, subject to a floor of zero. Each basket stock's return will be subject to a floor of negative 30% and a cap of 7% to 9%, which will be set at pricing.
The CDs (Cusip 06426XAD2) are expected to price Nov. 23 and settle Nov. 29.
BNP Paribas Securities Corp. is the agent, and Advisors Asset Management, Inc. is distributor.
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