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Union Bank plans variable-coupon CDs tied to Dow Jones - UBS Commodity
By Angela McDaniels
Tacoma, Wash., March 3 - Union Bank, NA plans to price variable-coupon market-linked certificates of deposit due March 30, 2018 linked to the Dow Jones - UBS Commodity index, according to a term sheet.
Interest will be payable annually. If the index's closing level on the annual observation date is greater than or equal to the initial index level, the coupon for that year will be 4.5% to 5%. Otherwise, the coupon for that year will be 1%.
The payout at maturity will be par.
Beginning March 15, 2012, the CDs will be putable on March 15, June 15, Sept. 15 and Dec. 15 of each year.
The CDs (Cusip 90521AFB9) will price March 28 and settle March 30.
UnionBanc Investment Services, LLC is the agent. Incapital LLC is the distributor.
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