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Union Bank plans fixed-to-floating CDs due 2018 with 2% initial rate
By Toni Weeks
San Luis Obispo, Calif., July 31 - Union Bank, NA plans to price fixed-to-floating market-linked certificates of deposit due Aug. 6, 2018, according to a disclosure supplement.
The interest rate will be 2% for the first year. After that, the interest rate will be Libor plus 50 basis points, subject to a maximum coupon of 4% and a minimum rate of 0.5%. Interest will be payable quarterly.
The payout at maturity will be par.
The CDs are callable at par on the 15th of each March, June, September and December beginning on Sept. 15, 2014.
The CDs (Cusip: 90521ANJ3) are expected to price Aug. 2 and settle Aug. 6.
UnionBanc Investment Services, LLC is the agent. Incapital LLC is the distributor.
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