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Goldman Sachs to price variable-coupon CDs due 2023 on 10 stocks
By Marisa Wong
Morgantown, W.Va., May 14 – Goldman Sachs Bank USA plans to price variable-coupon basket-linked certificates of deposit due May 25, 2023 linked to a an equally weighted basket of 10 stocks, according to a term sheet.
The underlying stocks are AbbVie Inc., AT&T Inc., Chevron Corp., Exxon Mobil Corp., Merck & Co., Inc., Pfizer Inc., Coca-Cola Co., Procter & Gamble Co. and Verizon Communications, Inc. and Wells Fargo & Co.
Interest is payable annually in an amount equal to the average of the stock performances, subject to a floor of 1%.
If a stock’s return is flat or positive, its performance will be fixed at a maximum stock return expected to be 6.5% to 7%. The exact fixed percentage will be set at pricing. Otherwise, its performance will be the greater of the stock return and negative 15%.
The payout at maturity will be par.
Goldman Sachs & Co. is the underwriter. Incapital LLC is distributor.
The CDs will price May 23.
The Cusip number is 38148REG4.
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