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BMO Harris plans range accrual CDs linked to six-month Libor, S&P 500
By Angela McDaniels
Tacoma, Wash., Dec. 16 - BMO Harris Bank NA plans to price redeemable range accrual certificates of deposit due Dec. 30, 2026 linked to six-month Libor and the S&P 500 index, according to a term sheet.
The interest rate will be 4% for the first year. Beginning in year two, the interest rate will be the maximum interest rate multiplied by the proportion of days on which six-month Libor is 5.5% or less and the index closes at or above the reference level, which will be 75% of the initial index level.
The maximum interest rate will be 4% per year in years two and three, 4.5% per year in years four through six, 5% per year in years seven through nine, 5.5% per year in years 10 through 12 and 6% per year in years 13 through 15.
The payout at maturity will be par.
The CDs are callable at par on March 30, June 30, Sept. 30 and Dec. 30 of each year beginning on Dec. 30, 2012.
The CDs (Cusip: 05573JDW1) are expected to price Dec. 28 and settle Dec. 30.
BMO Capital Markets Corp. is the agent.
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