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Harris increases cap for upcoming principal-protected CDs linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Feb. 23 - Harris NA raised the annual cap for its upcoming issue of zero-coupon principal-protected certificates of deposit due Feb. 27, 2014 linked to the S&P 500 index.
The payout at maturity will be par plus the sum of the index returns in each of the five years making up the life of the CDs, according to a term sheet. The return in each annual period will be capped at 11.5% - instead of 10% as originally planned - and the minimum payout at maturity will be par.
The CDs will price Feb. 24 and settle Feb. 27.
Incapital LLC is the distributor.
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