Published on 1/26/2011 in the Prospect News Structured Products Daily.
New Issue: SunTrust Banks prices $4.05 million contingent coupon notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Jan. 26 - SunTrust Banks, Inc. priced $4.05 million of fixed to contingent coupon notes due July 29, 2014 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable semiannually. The coupon is fixed at 3% for the first year. After that time, the notes will pay a contingent coupon of 4% per year if the index's closing level on the relevant semiannual observation date is at least 105% of the initial level. If not, the interest rate for that interest period will be 1% per year.
The payout at maturity will be par plus the last coupon payment.
SunTrust Robinson Humphrey Inc. is the agent.
| Issuer: | SunTrust Banks, Inc.
|
| Issue: | Fixed to contingent coupon notes
|
| Underlying index: | S&P 500
|
| Amount: | $4,052,000
|
| Maturity: | July 29, 2014
|
| Coupon: | Initially 3%; after one year, 4% if index closes at or above strike level on semiannual observation date or 1% if index closes below strike level; payable semiannually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Initial index level: | 1,290.84
|
| Strike level: | 1,355.38, 105% of initial level
|
| Pricing date: | Jan. 24
|
| Settlement date: | Jan. 28
|
| Agent: | SunTrust Robinson Humphrey Inc.
|
| Fees: | 1.25%
|
| Cusip: | 86802WAC2
|
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