Harris to price 15-year callable contingent semiannual digital payout CDs tied to S&P 500

By Marisa Wong

Madison, Wis., Oct. 6 - Harris NA plans to price callable contingent semiannual digital payout certificates of deposit due Oct. 29, 2025 linked to the S&P 500 index, according to a term sheet.

Interest is payable on the last day of April and October of each year. If the index finishes at or above 85% of its initial level in each interest period, the contingent coupon will equal 2.5% per year for the first five years, 4% per year for years six through 10 and 4.5% per year for years 11 through 15. Otherwise, the coupon will be equal to zero.

The payout at maturity will be par.

The CDs are callable at par on any interest payment date beginning Oct. 31, 2013.

The CDs (Cusip: 41456TKD0) will price Oct. 26 and settle Oct. 29.

Incapital LLC is the distributor.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.