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Goldman Sachs to price variable coupon CDs tied to 10 stocks
By Marisa Wong
Morgantown, W.Va., March 10 – Goldman Sachs Bank USA plans to price variable coupon certificates of deposit due March 29, 2023 linked to a basket of stocks, according to a term sheet.
The equally weighted basket includes the stocks of AbbVie Inc., Apple Inc., Bristol-Myers Squibb Co., Eli Lilly & Co., Kraft Heinz Co., Schlumberger NV, UnitedHealth Group Inc., Walgreens Boots Alliance, Inc., Walt Disney Co. and Wal-Mart Stores, Inc.
The CDs will pay a coupon each year equal to the average of the basket stocks’ performances, subject to a minimum coupon rate of 0.75% to 1%.
If a basket stock’s return is zero or positive, its performance will be equal to the 5% maximum stock return. If a basket stock’s return is negative, its performance will be the greater of its return and negative 15%.
The payout at maturity will be par plus the final coupon.
Goldman Sachs & Co. is the agent. Incapital LLC is distributor.
The CDs are expected to price March 24.
The Cusip number is 38148DHF4.
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