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BMO Harris plans annual digital yield generator CDs on stock basket
By Marisa Wong
Morgantown, W.Va., Feb. 15 – BMO Harris Bank NA plans to price annual digital yield generator certificates of deposit due Feb. 28, 2023 linked to a basket of common stocks, according to a term sheet.
The equally weighted basket stocks are Target Corp., AT&T Inc., Sysco Corp., Clorox Co., Pfizer Inc., Ford Motor Co., Home Depot Inc., Costco Wholesale, Southern Co. and Duke Energy Corp.
The CDs will pay a coupon each year equal to the sum of the weighted stock performances of the basket stocks, subject to a minimum of zero.
If a stock’s return is greater than zero, its performance will be equal to the digital coupon, which is expected to be 6.4% to 7.4% and will be set at pricing. If a stock’s return is less than or equal to zero, its performance will be the greater of the stock return and negative 10%.
The payout at maturity will be par plus the last coupon payment, if any.
BMO Capital Markets Corp. is the agent. Advisors Asset Management is distributor.
The CDs will price on Feb. 25.
The Cusip number is 05581WM28.
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