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SunTrust Bank to price 0% CDs linked to Dow Jones Industrial Average
By Angela McDaniels
Tacoma, Wash., Jan. 11 - SunTrust Bank plans to price 0% certificates of deposit due Jan. 16, 2015 linked to the Dow Jones Industrial Average, according to a term sheet.
The payout at maturity will be par plus the index return, subject to a minimum return of 10% and a maximum return of 40% to 50% that will be set at pricing.
The final index level will equal the average of the index's closing levels on Jan. 24, 2011, Jan. 23, 2012, Jan. 22, 2013, Jan. 22, 2014 and Jan. 12, 2015.
Beginning March 15, 2011, the CDs will be putable on March 15, June 15, Sept. 15 and Dec. 15 of each year. The redemption amount will be calculated differently than the payout at maturity and may be less than par.
The CDs will price Jan. 22 and settle Jan. 28.
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