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Bank of the West plans contingent income CDs due 2018 linked to stocks
By Angela McDaniels
Tacoma, Wash., June 1 - Bank of the West plans to price contingent variable income market-linked certificates of deposit due June 29, 2018 linked to a basket of common stocks, according to a term sheet.
The basket includes Altria Group, Inc., Apple Inc., AT&T Inc., Campbell Soup Co., ConocoPhillips, Eli Lilly & Co., Exelon Corp., Goldcorp Inc., St. Jude Medical, Inc. and Valero Energy Corp.
Interest is payable annually and will equal the average of the stocks' performances, subject to a minimum interest rate of zero.
If a stock's return is positive or flat, its performance will be equal to the auto cap. Otherwise, its performance will be the greater of the stock return and negative 30%. The auto cap is expected to be 6.25% to 8.25% and will be set at pricing.
The payout at maturity will be par plus the last coupon, if any.
The CDs (Cusip: 06426XDY3) will price June 26 and settle June 29.
BNP Paribas Securities Corp. is the agent. Advisors Asset Management, Inc. is the distributor.
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