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Harris plans range accrual CDs linked to six-month Libor, S&P 500
By Angela McDaniels
Tacoma, Wash., Feb. 14 - Harris NA plans to price redeemable range accrual certificates of deposit due March 2, 2026 linked to six-month Libor and the S&P 500 index, according to a term sheet.
The interest rate will be 6.25% for the first year. After that time, the interest rate will be 6.25% multiplied by the proportion of days on which six-month Libor is 6% or less and the index's closing level is at least 75% of its initial level. Interest will be payable quarterly.
The payout at maturity will be par.
Beginning March 2, 2012, the CDs will be callable at par on any interest payment date.
The CDs (Cusip: 41456TMR7) are expected to price Feb. 25 and settle March 2.
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