SunTrust plans protected contingent coupon notes linked to S&P 500

By Jennifer Chiou

New York, Sept. 13 - SunTrust Banks, Inc. plans to price principal-protected contingent coupon notes due Sept. 29, 2016 linked to the S&P 500 index, according to an FWP with the Securities and Exchange Commission.

Interest is payable annually. If the index level on the annual observation date is greater than or equal to the initial level, the coupon will be 3% for the first three years, rising to 6% for years four and five. After that time, the notes will pay interest at a rate of 6% to 6.5% per year regardless of the index level in the final year.

If no interest is paid in the first five years, the fixed payment at maturity will equate to a 0.98% to 1.06% annual percentage yield. The exact final coupon will be set at pricing.

The payout at maturity will be par.

The notes (Cusip: 86802WAA6) will price on Sept. 24 and settle on Sept. 29.

SunTrust Robinson Humphrey, Inc. is the agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.