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Union Bank plans quarterly capped return CDs on PowerShares QQQ
By Marisa Wong
Madison, Wis., July 31 - Union Bank, NA plans to price 0% quarterly capped return market-linked certificates of deposit due Aug. 30, 2017 linked to the PowerShares QQQ Trust, Series 1, according to a term sheet.
The payout at maturity will be par plus the sum of the trust's returns in each of the 16 quarters making up the life of the CDs, subject to a minimum return of 2%.
The return will be measured from the end of the immediately preceding quarter to the end of the current quarter. The return in each quarter can be positive or negative and will be subject to a cap of 3% to 4% that will be set at pricing.
Beginning Sept. 15, 2014, the CDs will be putable on March 15, June 15, Sept. 15 and Dec. 15 of each year.
UnionBanc Investment Services, LLC is the agent. Incapital LLC is distributor.
The CDs are expected to price Aug. 27 and settle Aug. 30.
The Cusip number is 90521ANQ7.
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