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SunTrust Banks to price contingent coupon notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Nov. 3 - SunTrust Banks, Inc. plans to price contingent coupon notes due Dec. 17, 2013 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index closes at or above the initial level on an annual observation date, the notes will pay a coupon of 3% to 4%. Otherwise, no coupon will be paid for that year. The exact coupon will be set at pricing.
The observation dates are Dec. 12, 2011, Dec. 12, 2012 and Dec. 12, 2013.
The payout at maturity will be par plus the last coupon payment, if any.
The notes (Cusip 86802WAB4) will price Nov. 19 and settle Nov. 24.
SunTrust Robinson Humphrey Inc. is the agent.
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