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Union Bank plans quarterly capped return CDs linked to Dow Jones - UBS Commodity index
By Angela McDaniels
Tacoma, Wash., Feb. 2 - Union Bank, NA plans to price zero-coupon principal-protected quarterly capped return market-linked certificates of deposit due Aug. 26, 2013 linked to the Dow Jones - UBS Commodity 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 14 quarters making up the life of the CDs, subject to a minimum return of 3.5%.
The return in each quarter will be capped at 4.5% to 6.5%, with the exact cap to be set at pricing.
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 Feb. 22 and settle Feb. 24.
UnionBanc Investment Services, LLC is the agent. Incapital LLC is the distributor.
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