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Harris to price digital contingent annual payout CDs tied to 10 stocks
By Angela McDaniels
Tacoma, Wash., Aug. 9 - Harris NA plans to price principal-protected digital contingent annual payout certificates of deposit due Aug. 29, 2014 linked to an equally weighted basket of common stocks, according to a term sheet.
The basket includes Altria Group, Inc., Barrick Gold Corp., Caterpillar Inc., Coca-Cola Co., Home Depot, Inc., Intel Corp., JPMorgan & Chase Co., McDonald's Corp., Merck & Co., Inc. and Verizon Communications Inc.
Interest will be payable in August of each year and will equal the sum of the weighted performances of the basket stocks, subject to a floor of zero.
If a stock's return is positive, its performance will be equal to the coupon cap, which is expected to be 4.5% to 5.5% and will be set at pricing. If a stock's return is negative, its performance will be the greater of the return and negative 15%.
The payout at maturity will be par.
The CDs (Cusip: 41456TJG5) will price Aug. 26 and settle Aug. 31.
Incapital LLC is the distributor.
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