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Harris plans callable leveraged curve steepener CDs linked to CMS rates
By E. Janene Geiss
Philadelphia, Aug. 13 - Harris NA plans to price callable leveraged curve steepener certificates of deposit due Aug. 25, 2023, according to a term sheet.
Interest will be payable quarterly.
Interest will accrue at 8% annually for the first year. Thereafter, interest will be seven times the 30-year Constant Maturity Swap rate over the two-year CMS rate, capped at 12% per year.
Beginning Aug. 25, 2009, the CDs will be callable at par on any interest payment date.
If the CDs are not called, the payout at maturity will be par.
The notes are expected to settle on Aug. 25.
BMO Capital Markets Corp. is the agent.
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