Union Bank plans to price seven-year CDs linked to four currencies

By Angela McDaniels

Tacoma, Wash., Dec. 1 - Union Bank, NA plans to price 0% market-linked certificates of deposit due Dec. 27, 2017 linked to the performance of a basket of currencies relative to the U.S. dollar, according to a term sheet.

The basket contains equal weights of the Australian dollar, Brazilian real, Canadian dollar and Norwegian krone.

The payout at maturity will be par plus the greater of 240% to 260% of any basket gain and 14%. The exact participation rate will be 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 90521ADZ8) are expected to price Dec. 22 and settle Dec. 27.

UnionBanc Investment Services, LLC is the agent.

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