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Harris plans CDs inversely linked to Barclays Treasury 7-10 Year index
By Angela McDaniels
Tacoma, Wash., July 6 - Harris NA plans to price certificates of deposit due July 31, 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.
If the final index level is less than the initial level, the index interest amount will be the absolute value of the index return. Otherwise, the index interest amount will be zero.
The minimum interest rate is expected to be 5% to 7% and will be set at pricing.
The CDs (Cusip: 41456TQN2) are expected to price July 26 and settle July 29.
BMO Capital Markets Corp. is the agent. Incapital LLC is the distributor.
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