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Harris plans to price principal-protected CDs linked to S&P 500 index
By Angela McDaniels
Tacoma, Wash., Aug. 31 - Harris NA plans to price zero-coupon principal-protected certificates of deposit due Sept. 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 14% to 18%, and the minimum payout at maturity will be par. The exact cap will be set at pricing.
The CDs will price Sept. 25 and settle Sept. 30.
Incapital LLC is the distributor.
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