Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers G > Headlines for gold > News item |
Union Bank plans to price quarterly capped return CDs linked to gold
By Angela McDaniels
Tacoma, Wash., March 6 - Union Bank, NA plans to price 0% quarterly capped return market-linked certificates of deposit due March 28, 2018 linked to the price of gold, according to a term sheet.
The payout at maturity will be par plus the sum of gold's returns in each of the 20 quarters making up the life of the CDs, subject to a minimum return of 2.5%.
The return will be measured from the end of the immediately preceding quarter to the end of the current quarter. The return in each quarter can be positive or negative and will be subject to a cap of 4% to 5% that will be set at pricing.
Beginning March 15, 2014, the CDs will be putable on March 15, June 15, Sept. 15 and Dec. 15 of each year.
The CDs are expected to price March 26 and settle March 28.
UnionBanc Investment Services, LLC is the agent. Incapital LLC is the distributor.
The Cusip number is 90521AMF2.
The fees will be up to 2.75%.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.