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Union Bank to price market-linked CDs tied to BRIC currencies
By Jennifer Chiou
New York, March 4 - Union Bank, NA plans to price market-linked certificates of deposit due March 28, 2018 linked to an equally weighted basket of four currencies relative to the dollar, according to a pricing sheet.
The basket is comprised of the Brazilian real, Russian ruble, Indian rupee and Chinese renminbi.
The payout at maturity will be par plus the greater of any basket gain and the coupon rate of 10% to 12%. If the basket declines or finishes flat, the payout will be par.
Beginning on March 15, 2014, the CDs will be putable on March 15, June 15, Sept. 15 and Dec. 15 of each year.
The CDs (Cusip: 90521AMA3) are expected to price on March 26 and settle on March 28.
UnionBanc Investment Services, LLC is the agent. Incapital LLC is the distributor.
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