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Bank of the West plans six-year market-linked CDs on stock basket
By Marisa Wong
Madison, Wis., Sept. 1 - Bank of the West plans to price contingent variable income market-linked certificates of deposit due Sept. 29, 2017 linked to a basket of stocks, according to a term sheet.
The underlying companies are Abbott Laboratories, Altria Group, Inc., Boston Scientific Corp., Broadcom Corp., CenturyLink, Inc., Entergy Corp., First Solar, Inc., Northern Trust Corp., priceline.com Inc. and SunTrust Banks, Inc.
Interest will be the greater of the average of the basket stock performances and zero, payable annually.
If a stock's return is positive or flat, its performance will be fixed at 7% to 10%. Otherwise, the performance will be the greater of the return and negative 30%. The exact fixed percentage will be set at pricing.
The payout at maturity will be par.
Advisors Asset Management, Inc. is distributor.
The CDs (Cusip: 06426XBT6) will price on Sept. 27 and settle Sept. 30.
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