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SunTrust Bank plans CDs linked to Consumer Price Index
By Angela McDaniels
Tacoma, Wash., Feb. 9 - SunTrust Bank plans to price certificates of deposit due Feb. 26, 2013 linked to the Consumer Price Index, according to a term sheet.
Interest will be payable monthly and will equal the year-over-year change in the index plus the spread, which is expected to be 1.25% to 1.40% per year and will be set at pricing. Interest is subject to a floor of zero.
The payout at maturity will be par.
Beginning March 15, 2010, the CDs will be putable on quarterly early redemption dates. The redemption amount will be calculated differently than the payout at maturity and will include an early withdrawal penalty.
The CDs will price Feb. 20 and settle Feb. 26.
SunTrust Robinson Humphrey, Inc. and SunTrust Investment Services, Inc. are the agents. Incapital LLC is the distributor.
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