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Union Bank plans quarterly capped return CDs linked to Russell 2000
By Jennifer Chiou
New York, Feb. 5 - Union Bank, NA plans to price 0% quarterly capped return market-linked certificates of deposit due Feb. 28, 2018 linked to the Russell 2000 index, according to a term sheet.
The payout at maturity will be par plus the sum of the index's returns in each of the 20 quarters making up the life of the CDs, subject to a minimum return at maturity 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 3% to 4% that will be set at pricing.
Beginning on March 15, 2014, the CDs will be putable on March 15, June 15, Sept. 15 and Dec. 15 of each year.
The CDs (Cusip: 90521ALU0) are expected to price on Feb. 25 and settle on Feb. 28.
UnionBanc Investment Services, LLC is the agent. Incapital LLC is the distributor.
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