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Union Bank plans to price capped return market-linked CDs tied to gold
By Marisa Wong
Madison, Wis., Jan. 5 - Union Bank, NA plans to price zero-coupon principal-protected capped return market-linked certificates of deposit due Jan. 31, 2018 linked to the price of gold, according to a term sheet.
The payout at maturity will be par plus the gold return, subject to a minimum return of 7% and a maximum return of 70% to 80% that will set at pricing.
Beginning Dec. 15, 2011, the CDs will be putable on March 15, June 15, Sept. 15 and Dec. 15 of each year. The redemption amount may be less than par.
The CDs (Cusip: 90521AEK0) are expected to price Jan. 27 and settle Jan. 31.
UnionBanc Investment Services, LLC is the agent.
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