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Harris plans six-year CDs inversely tied to Barclays 7-10Y Treasury
By Jennifer Chiou
New York, Dec. 2 - Harris NA plans to price certificates of deposit due Dec. 30, 2016 inversely linked to the Barclays 7-10 Year Treasury index, according to a term sheet.
The payout at maturity will be par plus the greater of the index interest amount and the minimum interest rate.
The minimum interest rate will be 4.5% to 7.5% and will be set at pricing.
If the final index level is less than the initial level, the index interest amount will be the absolute value of the index return. Otherwise, the index interest amount will be zero.
The CDs (Cusip: 41456TLB3) will price on Dec. 28 and settle on Dec. 31.
Incapital LLC is the distributor.
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