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Union Bank plans quarterly capped market-linked CDs tied to S&P 500
By Marisa Wong
Milwaukee, June 1 - Union Bank, NA plans to price zero-coupon principal-protected quarterly capped return market-linked certificates of deposit due June 30, 2014 linked to the S&P 500 index, according to a term sheet.
The payout at maturity will be par plus the sum of the index's returns in each of the 16 quarters making up the life of the CDs, subject to a minimum return of 4%.
The return in each quarter can be positive or negative and will be subject to a cap of 4% to 6%. The exact cap will be set at pricing.
Beginning June 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: 90521ACB2) will price on June 25 and settle June 30.
UnionBanc Investment Services, LLC is the agent. Incapital LLC is the distributor.
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