By Angela McDaniels
Tacoma, Wash., April 14 - SunTrust Bank priced $1.5 million of index-linked certificates of deposit due April 17, 2014 linked to the Consumer Price Index, according to a term sheet.
Interest is payable monthly and equals the year-over-year change in the index plus 100 basis points, 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.
Incapital LLC is the distributor.
| Issuer: | SunTrust Bank
|
| Issue: | Index-linked certificates of deposit
|
| Underlying index: | Consumer Price Index
|
| Amount: | $1.5 million
|
| Maturity: | April1 7, 2014
|
| Coupon: | Equal to the year-over-year change in the index plus 100 bps, with a floor of zero; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Put option: | On March 15, June 15, Sept. 15 and Dec. 15 of each year beginning in 2010
|
| Pricing date: | April 14
|
| Settlement date: | April 17
|
| Distributor: | Incapital LLC
|
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