Harris plans to price contingent annual payout CDs linked to 10 stocks

By Angela McDaniels

Tacoma, Wash., May 10 - Harris NA plans to price principal-protected contingent annual income range certificates of deposit due May 31, 2016 linked to an equally weighted basket of common stocks, according to a term sheet.

The basket includes American Express Co., Coca-Cola Co., ConocoPhillips, Johnson & Johnson, Kraft Foods Inc., Moody's Corp., Procter & Gamble Co., U.S. Bancorp, Wal-Mart Stores Inc. and Wells Fargo & Co.

Interest is payable on May 28 of each year and will equal the sum of the weighted returns of the basket stocks, subject to a floor of zero. Each stock's return will be subject to a cap of 8.5% to 10.5% that will be set at pricing.

The payout at maturity will be par.

The CDs will price May 25 and settle May 28.

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.