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Union Bank plans to price market-linked CDs linked to BRIK currencies
By Marisa Wong
Madison, Wis., Sept. 30 - Union Bank, NA plans to price zero-coupon market-linked certificates of deposit due Oct. 25, 2017 linked to a basket of currencies, according to a term sheet.
The basket contains equal weights of the Brazilian real, Russian ruble, Indian rupee and Korean won.
The payout at maturity will be par plus the greater of 14% and 175% to 200% of any basket appreciation relative to the dollar. The exact participation rate will be set at pricing.
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: 90521ADD7) are expected to price on Oct. 25 and settle on Oct. 28.
UnionBanc Investment Services, LLC is the agent.
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