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BMO Harris plans annual income CDs with minimum coupon on stock basket
By Marisa Wong
Morgantown, W.Va., Jan. 25 – BMO Harris Bank NA plans to price annual income with minimum interest rate certificates of deposit due Jan. 31, 2023 linked to an equally weighted basket of stocks, according to a term sheet.
The basket stocks are JPMorgan Chase & Co., Wells Fargo & Co., Credit Suisse Group AG, HSBC Holdings plc and UBS Group AG.
Each year, the CDs will pay a coupon equal to either the minimum interest rate of 0.5% or, if a performance event has occurred on the related coupon determination date, the maximum interest rate of 6.5% to 7.5% which will be set at pricing. A performance event occurs if the return for each stock is greater than or equal to zero.
The payout at maturity will be par plus the final coupon.
BMO Capital Markets Corp. is the agent. Advisors Asset Management is distributor.
The CDs will price on Jan. 28.
The Cusip number is 05581WJ89.
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