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Bank of the West plans contingent variable income CDs on 10 stocks
By Susanna Moon
Chicago, June 7 - Bank of the West plans to price five-year contingent variable income market-linked certificates of deposit linked to a basket of stocks, according to a term sheet.
The underlying companies are 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 at a rate equal to the average of the stock performances, subject to a floor of zero.
If a stock's return is positive or flat, its performance will be fixed at 5.25% to 7.25%. 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.
BNP Paribas Securities Corp. is the agent. Advisors Asset Management, Inc. is the distributor.
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