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SunTrust Banks plans fixed-to-contingent coupon notes tied to S&P 500
By Toni Weeks
San Diego, Oct. 11 - SunTrust Banks, Inc. plans to price fixed-to-contingent coupon notes due Oct. 31, 2013 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 2% for the first year. After that, a contingent coupon of 2.5% to 3% will be paid if the S&P 500 closes at or above 105% of the initial level on the annual observation date. The exact contingent coupon will be set at pricing.
Interest is payable annually.
The payout at maturity will be par plus the last coupon payment, if any.
The notes (Cusip: 86802WAF5) will price Oct. 26 and settle Oct. 31.
SunTrust Robinson Humphrey, Inc. is the agent.
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