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SunTrust Bank plans CDs linked to Dow Jones Industrial Average
By Jennifer Chiou
New York, Sept. 1 - SunTrust Bank plans to price 0% certificates of deposit due Sept. 22, 2014 linked to the Dow Jones Industrial Average, according to a term sheet.
The payout at maturity will be par plus any index gain, subject to a minimum return of 12% and a cap of 30%. The exact minimum will be set at pricing.
Beginning Sept. 15, 2009, the CDs will be putable on quarterly early redemption dates. The redemption amount will be calculated differently than the payout at maturity, will include an early withdrawal penalty and may be less than par.
The CDs will price on Sept. 24 and settle on Sept. 29.
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