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Harris plans six-year bearish CDs linked to Barclays 7-10Y Treasury
By Jennifer Chiou
New York, June 6 - Harris NA plans to price certificates of deposit due June 30, 2017 inversely linked to the Barclays Capital U.S. Treasury 7-10 Year Total Return in6dex, 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.
If the final index level is less than the initial level, the index interest amount will be 100% of the absolute value of the index return. Otherwise, the index interest amount will be zero.
The minimum interest rate is expected to be 5.5% to 7.5% for an annual percentage yield of 0.8963% to 1.2126%. It will be set at pricing.
The CDs (Cusip: 41456TPY9) will price on June 27 and settle on June 30.
BMO Capital Markets Corp. is the agent. Incapital LLC is the distributor.
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