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SunTrust Bank plans to sell certificates of deposit linked to gold
By Susanna Moon
Chicago, Sept. 28 - SunTrust Bank plans to price 0% certificates of deposit due Sept. 30, 2014 linked to the price of gold, according to a term sheet.
If the price of gold rises above the upper barrier on any day during the life of the CDs, the payout at maturity will be par plus 12%.
Otherwise, the payout will be par plus the greater of 12% and the gold return.
The upper barrier is expected to be 175% to 190% of the initial gold price, with the exact amount to be set at pricing.
The CDs will settle on Oct. 28.
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