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Union Bank plans capped return CDs on Dow Jones-UBS Commodity index
By Jennifer Chiou
New York, Aug. 31 - Union Bank, NA plans to price zero-coupon capped return market-linked certificates of deposit due Sept. 25, 2017 linked to the Dow Jones-UBS Commodity index, according to a term sheet.
The payout at maturity will be par plus the index return, subject to a minimum indexed interest amount of 3.5% and a maximum indexed interest amount of 65% to 75%. The exact cap will be set at pricing. The figures equate to an annual percentage yield of 0.49% and 7.42% to 8.33%, respectively.
Beginning Sept. 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 (Cusip: 90521ACV8) are expected to price on Sept. 24 and settle on Sept. 29.
UnionBanc Investment Services, LLC is the agent. Advisors Asset Management, Inc. is the distributor.
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