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Bank of the West to price five-year CDs linked to basket of 10 stocks
By Angela McDaniels
Tacoma, Wash., Aug. 19 - Bank of the West plans to price market-linked certificates of deposit due Aug. 27, 2015 linked to a basket of common stocks, according to a term sheet.
The basket includes Abbott Laboratories, Altria Group, Inc., Apple Inc., Intel Corp., JPMorgan Chase & Co., McDonald's Corp., Merck & Co., Inc., Microsoft Corp., Procter & Gamble 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 35% and a cap of 7% to 9%, which will be set at pricing.
The CDs (Cusip: 06426XAA8) are expected to price Aug. 24 and settle Aug. 27.
BNP Paribas Securities Corp. is the agent, and Advisors Asset Management, Inc. is distributor.
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