SunTrust plans certificates of deposit linked to Financial Select Sector SPDR fund

By Jennifer Chiou

New York, July 31 - SunTrust Bank plans to price certificates of deposit linked to the Financial Select Sector SPDR fund, according to a term sheet.

The CDs, which mature on Aug. 19, 2011, will pay par plus at least 1.5%, with a capped return of 27% to 30%.

Beginning on Sept. 15, 2009, holders may put back their securities on any quarterly early redemption date, but will not receive guaranteed principal protection.

The CDs will price on Aug. 21 and settle on Aug. 27.

The commercial bank is based in Atlanta.

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