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Union Bank plans quarterly capped return CDs linked to Russell 2000
By Angela McDaniels
Tacoma, Wash., Oct. 24 - Union Bank, NA plans to price 0% quarterly capped return market-linked certificates of deposit due Oct. 31, 2016 linked to the Russell 2000 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 12 quarters making up the life of the CDs, subject to a minimum return at maturity of 2%.
The return will be measured from the end of the immediately preceding quarter to the end of the current quarter. The return in each quarter can be positive or negative and will be subject to a cap of 2.5% to 3.5% that will be set at pricing.
Beginning Sept. 15, 2014, the CDs will be putable on March 15, June 15, Sept. 15 and Dec. 15 of each year.
UnionBanc Investment Services, LLC is the agent. Incapital LLC is distributor.
The CDs are expected to price Oct. 28 and settle Oct. 31.
The Cusip number is 90521APK8.
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