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SunTrust Banks plans fixed-to-contingent coupon notes tied to S&P 500
By Susanna Moon
Chicago, Feb. 18 - SunTrust Banks, Inc. plans to price fixed-to-contingent coupon notes due March 16, 2016 based on the performance of the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 3% for the first two years. After that, the rate will be 1% unless the S&P 500 closes at or above 100% to 105% of its initial level on any semiannual observation date, in which case investors will receive a contingent coupon of 5%. The exact strike level will be set at pricing.
Interest is payable semiannually.
The payout at maturity will be par plus the last coupon payment.
The notes (Cusip: 86802WAD0) will price on March 10 and settle on March 16.
SunTrust Robinson Humphrey, Inc. is the agent.
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