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Bank of the West plans contingent variable-income CDs on 10 stocks
By Marisa Wong
Madison, Wis., July 14 – Bank of the West plans to price contingent variable-income market-linked certificates of deposit due July 30, 2021 linked to a basket of stocks, according to a term sheet.
The underlying common stocks are AbbVie Inc., Altria Group, Inc., Bristol-Myers Squibb Co., ConocoPhillips, Intel Corp., Kohl’s Corp., PPL Corp., Seagate Technology plc, Verizon Communications Inc. and Walgreen Co.
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 6.75%. 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 the distributor.
The CDs will price on July 25 and settle on July 30.
The Cusip number is 06426XKZ2.
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