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Harris to price principal-protected CDs linked to S&P 500 index
By Jennifer Chiou
New York, Oct. 2 - Harris NA plans to price principal-protected certificates of deposit due Oct. 30, 2014 linked to the S&P 500 index, according to a term sheet.
Interest will be paid at maturity and will equal the sum of the index returns in each of the five years making up the life of the CDs. The return in each annual period will be capped at 10% to 12%. The exact cap will be set at pricing.
The payout at maturity will be par.
The CDs will price on Oct. 27 and settle on Oct. 30.
Incapital LLC is the distributor.
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