Published on 11/22/2010 in the Prospect News Structured Products Daily.
New Issue: SunTrust Banks prices $1.51 million contingent coupon notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Nov. 22 - SunTrust Banks, Inc. priced $1.51 million of contingent coupon notes due Dec. 17, 2013 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index closes at or above the initial level on an annual observation date, the notes will pay a coupon of 3.75%. Otherwise, no coupon will be paid for that year.
The observation dates are Dec. 12, 2011, Dec. 12, 2012 and Dec. 12, 2013.
The payout at maturity will be par plus the last coupon payment, if any.
SunTrust Robinson Humphrey Inc. is the agent.
Issuer: | SunTrust Banks, Inc.
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Issue: | Contingent coupon notes
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Underlying index: | S&P 500
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Amount: | $1,514,000
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Maturity: | Dec. 17, 2013
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Coupon: | 3.75% if index closes at or above initial level on an annual observation date; otherwise, no coupon will be paid for that year; observation dates are Dec. 12, 2011, Dec. 12, 2012 and Dec. 12, 2013
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Price: | Par
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Payout at maturity: | Par
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Initial index level: | 1,199.73
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Pricing date: | Nov. 19
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Settlement date: | Nov. 24
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Agent: | SunTrust Robinson Humphrey Inc.
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Fees: | 1%
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Cusip: | 86802WAB4
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