Published on 3/14/2011 in the Prospect News Structured Products Daily.
New Issue: SunTrust prices $1.1 million fixed-to-contingent coupon notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., March 14 - SunTrust Banks, Inc. priced $1.1 million of fixed-to-contingent coupon notes due March 16, 2016 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable semiannually. The interest rate is fixed at 3% for years one and two. For years three through five, the notes will pay a coupon of 5% per year if the index closes at or above the initial level on the semiannual observation date. Otherwise, the coupon will be 1% per year for that interest period.
The payout at maturity will be par.
SunTrust Robinson Humphrey Inc. is the agent.
Issuer: | SunTrust Banks, Inc.
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Issue: | Fixed-to-contingent coupon notes
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Underlying index: | S&P 500
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Amount: | $1,098,000
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Maturity: | March 16, 2016
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Coupon: | 3% for first two years; after that, 5% if index closes at or above initial level on an annual observation date or 1% if it does not; payable semiannually
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Price: | Par
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Payout at maturity: | Par
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Initial index level: | 1,295.11
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Pricing date: | March 10
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Settlement date: | March 16
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Agent: | SunTrust Robinson Humphrey Inc.
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Fees: | 2%
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Cusip: | 86802WAD0
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