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SunTrust Bank plans five-year certificates of deposit linked to gold
By Jennifer Chiou
New York, Jan. 8 - SunTrust Bank plans to price certificates of deposit due Jan. 29, 2015 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 the minimum 10% interest amount.
Otherwise, the payout will be par plus the greater of 10% and the gold return.
The upper barrier is expected to be 200% to 210% of the initial gold price, with the exact amount to be set at pricing.
Beginning March 15, 2011, the CDs may be redeemed early.
The CDs will price on Jan. 25 and settle on Jan. 28.
Advisors Asset Management, Inc. is the distributor.
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