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Harris plans contingent annual income range CDs linked to 10 stocks
By Jennifer Chiou
New York, June 3 - Harris NA plans to price principal-protected contingent annual income range certificates of deposit due June 30, 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 June 30 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 7% to 10% that will be set at pricing. There will be a floor of negative 35% for each stock.
The payout at maturity will be par.
The CDs will price on June 25 and settle on June 30.
Incapital LLC is the distributor.
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