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Harris to price CDs linked to S&P 500 with annual observation dates
By Angela McDaniels
Tacoma, Wash., June 17 - Harris NA plans to price zero-coupon principal-protected certificates of deposit due June 30, 2014 linked to the S&P 500 index, according to a term sheet.
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. The return in each annual period will be capped at 18% to 22%, with the exact cap to be set at pricing.
The minimum payout at maturity will be par.
The CDs will price June 25 and settle June 30.
Incapital LLC is the distributor.
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