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Bank of the West plans contingent variable-income CDs on 10 stocks
By Marisa Wong
Madison, Wis., March 12 - Bank of the West plans to price contingent variable-income market-linked certificates of deposit due March 29, 2021 linked to a basket of common stocks, according to a term sheet.
The underlying stocks are AbbVie Inc., Altria Group, Inc., Apple Inc., AT&T Inc., Intel Corp., Lorillard Inc., Noble Corp. plc, PPL Corp., Southern Co. and Verizon Communications Inc.
Interest is payable annually and will equal the average of the stocks' performances, subject to a minimum interest rate of 0.5%.
If a stock's return is positive or flat, its performance will be equal to the auto cap of 7.25%. Otherwise, its performance will be the greater of the stock return and negative 10%.
The payout at maturity will be par.
BNP Paribas Securities Corp. is the agent. Advisors Asset Management, Inc. is distributor.
The CDs will price March 25 and settle March 28.
The fees will be up to 4.1%.
The Cusip number is 06426XKE9.
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