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Harris plans annual income range CDs tied to basket of 10 stocks
By Jennifer Chiou
New York, Sept. 1 - Harris NA plans to price principal-protected annual income range certificates of deposit due Sept. 30, 2015 linked to an equally weighted basket of common stocks, according to a term sheet.
The basket includes Costco Wholesale Corp., CVS Caremark Corp., Exxon Mobil Corp., Home Depot, Inc., Honeywell International Inc., McDonald's Corp., Microsoft Corp., Monsanto Corp., Nokia Corp. and Wells Fargo & Co.
Interest is payable on Sept. 30 of each year and will equal the sum of the weighted returns of the basket stocks. The coupon payment each year will be subject to a floor of zero, and each stock's return will be capped at 11% to 15%, with a stock return floor of negative 35%. The exact cap will be set at pricing.
The payout at maturity will be par.
The CDs will price on Sept. 25 and settle on Sept. 30.
Incapital LLC is the distributor.
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