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Union Bank plans seven-year market-linked CDs tied to Dow Industrials
By Susanna Moon
Chicago, March 3 - Union Bank, NA plans to price zero-coupon market-linked certificates of deposit due March 29, 2018 linked to Dow Jones Industrial Average, according to a term sheet.
The payout at maturity will be par plus any index gain, up a maximum return of 50% to 60%, which equates to a equates to a 5.96% to 6.94% annual percentage yield.
If the index falls, the payout will be par.
The CDs will be putable quarterly beginning on March 15, 2012.
The CDs will price on March 25 and settle on March 30.
The Cusip is 90521AEX2.
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