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Harris plans annual digital yield generator CDs tied to 10 stocks
By Jennifer Chiou
New York, Jan. 6 - Harris NA plans to price annual digital yield generator certificates of deposit due Jan. 29, 2016 linked to a basket of common stocks, according to a term sheet.
The basket includes equal weights of Altria Group, Inc., Apple, Inc., Barrick Gold Corp., ConocoPhillips, Coca-Cola Co., McDonald's Corp., Merck & Co., Inc., Verizon Communications Inc., Wal-Mart Stores, Inc. and Wells Fargo & Co.
Interest will be payable the last day of January 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 digital coupon. If a stock's return is negative, its performance will be the greater of the return and negative 25%. The digital coupon is expected to be 5% to 7% and will be set at pricing.
The payout at maturity will be par.
The CDs (Cusip: 41456TLP2) will price on Jan. 26 and settle Jan. 31.
Incapital LLC is the distributor.
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