Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers B > Headlines for basket of stocks > News item |
Bank of the West plans six-year contingent income CDs on stock basket
By Toni Weeks
San Diego, Nov. 7 - Bank of the West plans to price contingent variable income market-linked certificates of deposit due Nov. 28, 2017 linked to a basket of stocks, according to a term sheet.
The underlying stocks are Apollo Group, Inc., Arch Coal, Inc., Best Buy Co., Inc., Cliffs Natural Resources Inc., First Solar, Inc., Hewlett-Packard Co., Netflix, Inc., Newmont Mining Corp., Nvidia Corp. and Target Corp.
Interest is payable annually in an amount equal to the average of the stock returns, subject to a floor of zero.
If a stock's return is positive or flat, its performance will be fixed at 6.25% to 9.25%. Otherwise, its performance will be the greater of the stock return and negative 30%. The exact fixed percentage will be set at pricing.
The payout at maturity will be par.
The CDs (Cusip: 06426XCG3) will price Nov. 22 and settle Nov. 28.
BNP Paribas Securities Corp. is the agent. Advisors Asset Management, Inc. is the distributor.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.