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Harris plans five-year principal-protected CDs tied to S&P 500 index
By Jennifer Chiou
New York, Feb. 3 - Harris NA plans to price principal-protected certificates of deposit due Feb. 26, 2015 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's return in each of the 20 quarterly periods making up the life of the CDs, subject to a floor of par. The index's return in each quarter will be subject to a cap of 6%.
There is a survivor put option.
The CDs will price on Feb. 23 and settle on Feb. 26.
Incapital LLC is the distributor.
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