Harris plans contingent annual payout CDs linked to 10 stocks

By Angela McDaniels

Tacoma, Wash., May 5 - Harris NA plans to price principal-protected contingent annual payout certificates of deposit due May 29, 2015 linked to a basket of common stocks, according to a term sheet.

The basket includes equal weights of Amazon.com, Inc., Bank of America Corp., Caterpillar Inc., ConocoPhillips, Google Inc., Home Depot, Inc., Intel Corp., International Business Machines Corp., Merck & Co., Inc. and Walt Disney Corp.

Interest will be payable on May 29 of each year and will equal the sum of the weighted returns for the basket stocks, subject to a floor of zero. Interest will also be subject to a cap of 7% in year one, 9% in year two, 11% in year three, 13% in year four, 15% in year five and 17% in year six.

The CDs are expected to price May 26 and settle May 29.

Incapital LLC is the distributor.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.