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Harris plans callable leveraged curve steepener CDs linked to CMS rates
By Angela McDaniels
Tacoma, Wash., Sept. 2 - Harris NA plans to price callable leveraged curve steepener certificates of deposit due Sept. 18, 2023, according to a term sheet.
Interest will be payable quarterly and, for the first year, will accrue at 8% per year. From Sept. 18, 2009 onward, interest will equal eight times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate, subject to a floor of 0% and a cap of 15% per year.
Beginning on Sept. 18, 2009, the CDs will be callable at par on any interest payment date.
If the CDs are not called, the payout at maturity will be par.
The CDs are expected to price on Sept. 15 and settle on Sept. 18.
Incapital LLC is the distributor.
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