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Harris plans six-year CDs inversely tied to Barclays 7-10Y Treasury
By Toni Weeks
San Diego, May 4 - Harris NA plans to price certificates of deposit due May 31, 2017 inversely linked to the Barclays Capital U.S. Treasury 7-10 Year Total Return 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.
If the final index level is less than the initial level, the index interest amount will be 100% of the absolute value of the index return. Otherwise, the index interest amount will be zero.
The minimum interest rate is expected to be 8% to 10%. It will be set at pricing.
The CDs (Cusip: 41456TPG8) will price May 25 and settle May 31.
BMO Capital Markets Corp. is the agent. Incapital LLC is the distributor.
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