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Union Bank plans quarterly capped return market-linked CDs on the Dow
By Susanna Moon
Chicago, Oct. 4 - Union Bank, NA plans to price 0% quarterly capped return market-linked certificates of deposit due Oct. 31, 2018 linked to the Dow Jones industrial average, according to a term sheet.
The payout at maturity will be par plus the sum of the index's returns in each of the 20 quarters making up the life of the CDs.
The return will be measured from the end of the immediately preceding quarter to the end of the current quarter. The return in each quarter can be positive or negative and will be subject to a cap of 4.56% to 5.38% that will be set at pricing.
The CDs will be putable on any quarterly date after one year.
UnionBanc Investment Services, LLC is the agent. Incapital LLC is distributor.
The CDs will price on Oct. 28 and settle on Oct. 31.
The Cusip number is 90521APM4.
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