Harris to price contingent semiannual payout CDs linked to 10 stocks

By Marisa Wong

Madison, Wis., July 1 - Harris NA plans to price principal-protected contingent semiannual payout certificates of deposit due July 30, 2015 linked to an equally weighted basket of common stocks, according to a term sheet.

The basket includes Altria Group, Inc., Apple Inc., Barrick Gold Corp., Coca-Cola Co., ConocoPhillips, McDonald's Corp., Merck & Co., Inc., Verizon Communications Inc., Wal-Mart Stores, Inc. and Wells Fargo & Co.

Interest will be payable on Jan. 30 and July 30 of each year beginning Jan 30, 2011 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 will be at least 4% and will be set at pricing. If a stock's return is negative, its performance will be the greater of the return and negative 25%.

The payout at maturity will be par.

The CDs (Cusip: 41456THK8) will price July 27 and settle July 30.

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.