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SunTrust Bank plans CDs linked to Consumer Price Index
By Angela McDaniels
Tacoma, Wash., May 19 - SunTrust Bank plans to price certificates of deposit due May 22, 2014 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 a spread of 1.5% per year. Interest is subject to a floor of zero.
The payout at maturity will be par.
Beginning June 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 settle May 22.
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