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Union Bank plans to price capped return CDs due 2016 linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Sept. 2 - Union Bank, NA plans to price zero-coupon principal-protected capped return market-linked certificates of deposit due Sept. 29, 2016 linked to the S&P 500 index, according to a term sheet.
The payout at maturity will be par plus the index return, subject to a minimum return of zero and a maximum return of 40% to 50%. The exact cap will be set at pricing.
Beginning Sept. 15, 2011, the CDs will be putable on March 15, June 15, Sept. 15 and Dec. 15 of each year. The redemption amount will be calculated differently than the payout at maturity and may be less than par.
The CDs (Cusip: 90521ACW6) are expected to price Sept. 24 and settle Sept. 29.
UnionBanc Investment Services, LLC is the agent. Incapital LLC is the distributor.
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