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Harris to price six-year digital yield generator CDs tied to 10 stocks
By Marisa Wong
Madison, Wis., Oct. 6 - Harris NA plans to price annual digital yield generator certificates of deposit due Oct. 28, 2016 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., Verizon Communications Inc., Wal-Mart Stores, Inc. and Wells Fargo & Co.
Interest will be payable in October of each year 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 is expected to be 7% to 9% and will be set at pricing. If a stock's return is negative, its performance will be the greater of the return and negative 30%.
The payout at maturity will be par.
The CDs (Cusip: 41456TKF5) will price Oct. 26 and settle Oct. 29.
Incapital LLC is the distributor.
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