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SunTrust Bank plans CDs linked to S&P 500
By Susanna Moon
Chicago, Jan. 9 - SunTrust Bank plans to price certificates of deposit due Feb. 1, 2013 linked to the S&P 500 index, according to a term sheet.
The CDs will pay a minimum interest amount of 3% at maturity.
Payout at maturity will be par plus the sum of the index returns for each year during the life of the notes, up to a maximum return of 8% to 10% per year. The exact amount will be set at pricing.
Beginning Dec. 15, 2009, the CDs will be putable on quarterly early redemption dates.
The CDs will settle on Jan. 29.
SunTrust Robinson Humphrey, Inc. and SunTrust Investment Services, Inc. will be the agents.
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