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Harris plans to price digital yield generator CDs tied to 10 stocks
By Marisa Wong
Madison, Wis., Oct. 6 - Harris NA plans to price annual digital yield generator certificates of deposit due Oct. 30, 2015 linked to an equally weighted basket of common stocks, according to a term sheet.
The basket includes Altria Group, Inc., Barrick Gold Corp., Caterpillar Inc., Coca-Cola Co., Home Depot Inc., Intel Corp., JPMorgan Chase & Co., Merck & Co., Inc., McDonald's Corp. and Verizon Communications Inc.
Interest will be payable in October of each year and will equal the sum of the weighted performances of the basket stocks, subject to a floor of zero.
If a stock's return is positive, its performance will be equal to the coupon cap, which is expected to be 5% to 7% and will be set at pricing. If a stock's return is negative, its performance will be the greater of the return and negative 30%.
The payout at maturity will be par.
The CDs (Cusip: 41456TKE8) will price Oct. 26 and settle Oct. 29.
Incapital LLC is the distributor.
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