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Bank of the West plans contingent variable-income CDs on 10 stocks
By Toni Weeks
San Luis Obispo, Calif., Dec. 2 – Bank of the West plans to price contingent variable-income market-linked certificates of deposit due Dec. 30, 2021 linked to a basket of stocks, according to a term sheet.
The underlying common stocks are AbbVie Inc., Altria Group, Inc., Apple Inc., AT&T Inc., Duke Energy Corp., GlaxoSmithKline plc, McDonald’s Corp., PPL Corp., Seagate Technology plc 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 6.75%. Otherwise, its performance will be the greater of the stock return and negative 10%.
The payout at maturity will be par.
The CDs (Cusip: 06426XMB3) are expected to price Dec. 24 and settle Dec. 30.
BNP Paribas Securities Corp. is the agent.
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