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Harris plans six-year bearish CDs linked to Barclays 7-10Y Treasury
By Susanna Moon
Chicago, April 4 - Harris NA plans to price certificates of deposit due April 28, 2017 inversely linked to the Barclays Capital U.S. Treasury 7-10 Year Total Return index, according to a term sheet.
The payout at maturity will be par plus the greater of the index interest amount and the minimum interest rate of 9.5% to 11.5%, with the exact floor to be set at pricing.
The index interest amount will be the absolute value of any index losses if the index finishes below the initial level. Otherwise, the index interest amount will be zero.
BMO Capital Markets Corp. is the agent. Incapital LLC is the distributor.
The CDs will price on April 26 and settle on April 29.
The Cusip is 41456TNL9.
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