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Harris plans principal-protected CDs linked to S&P 500
By Jennifer Chiou
New York, Jan. 8 - Harris NA plans to price principal-protected certificates of deposit due Jan. 30, 2014 linked to the S&P 500 index, according to a term sheet.
The payout at maturity will be par plus the any index interest payment, which will be determined based on the index return over 20 quarterly periods. The return will be capped quarterly at 7% and the maximum return of the CD would be 140%.
Investors will receive at least par.
The notes will price on Jan. 27 and settle on Jan. 30.
BMO Capital Markets Corp. is the agent. Incapital LLC is the distributor.
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