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Union Bank plans six-year market-linked CDs linked to S&P 500 index
By Angela McDaniels
Tacoma, Wash., May 4 - Union Bank, NA plans to price zero-coupon principal-protected capped return market-linked certificates of deposit due May 26, 2016 linked to the S&P 500 index, according to a term sheet.
The payout at maturity will be par plus the index return, subject to a minimum return of 12% and a maximum return of 35% to 45%. The exact cap will be set at pricing.
Beginning June 15, 2011, the CDs will be putable on March 15, June 15, Sept. 15 and Dec. 15 of each year. The redemption amount may be less than par.
The CDs will price May 21 and settle May 26.
UnionBanc Investment Services, LLC is the agent. Incapital LLC is the distributor.
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