Bank of the West plans seven-year income CDs linked to five stocks

By Toni Weeks

San Luis Obispo, Calif., Dec. 2 – Bank of the West plans to price income advantage market-linked certificates of deposit due Dec. 30, 2021 linked to a basket of five equally weighted stocks, according to a term sheet.

The underlying companies are AT&T Inc., CenterPoint Energy, Inc., GlaxoSmithKline plc, PPL Corp. and Target Corp. The stocks are selected from the universe of stocks included in the Richard Bernstein Advisors Global Dividend Kings portfolio.

Interest is payable annually. If each stock’s closing share price on the valuation date is greater than or equal to its initial share price, the coupon will be 6.5%. If the closing share price of one or more stocks is less than its initial share price, the coupon will be 1%.

The payout at maturity will be par.

BNP Paribas Securities Corp. is the agent.

The CDs will price Dec. 24 and settle Dec. 30.

The Cusip number is 06426XMC1.

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