Union Bank plans quarterly capped return market-linked CDs on Dow Jones-UBS Commodity index

By Jennifer Chiou

New York, Nov. 15 - Union Bank, NA plans to price 0% quarterly capped return market-linked certificates of deposit due Nov. 30, 2016 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 12 quarters making up the life of the CDs.

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.

There is a maximum indexed interest amount at maturity of 30% to 42%.

The CDs will be redeemable on any quarterly redemption date beginning on Dec. 15, 2014.

The CDs (Cusip: 90521APV4) are expected to price on Nov. 26 and settle on Nov. 29.

UnionBanc Investment Services, LLC is the agent with Advisors Asset Management, Inc. as distributor.

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