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Harris plans to price principal-protected CDs linked to S&P 500 index
By Angela McDaniels
Tacoma, Wash., Jan. 5 - Harris NA plans to price zero-coupon principal-protected certificates of deposit due Jan. 29, 2015 linked to the S&P 500 index, according to a term sheet.
The payout at maturity will be par plus the sum of the index's return in each of the five years making up the life of the CDs, subject to a floor of par. The index's return in each year will be subject to a cap of 10% to 14%, with the exact cap to be set at pricing.
The CDs will price Jan. 26 and settle Jan. 29.
Incapital LLC is the distributor.
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