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Goldman Sachs plans variable coupon CDs due 2025 linked to 10 stocks
By Sarah Lizee
Olympia, Wash., Dec. 5 – Goldman Sachs Bank USA plans to price variable coupon certificates of deposit due Dec. 23, 2025 linked to a basket of stocks, according to a term sheet.
The equally weighted basket includes the stocks of AT&T Inc., Chevron Corp., Exxon Mobil Corp., Intel Corp., PepsiCo, Inc., Pfizer Inc., Coca-Cola Co., Procter & Gamble Co., Verizon Communications Inc. and Wells Fargo & Co.
The CDs will pay a coupon each year equal to the average of the basket stocks’ performances, subject to a minimum coupon rate of 1.5%.
If a basket stock’s return is zero or positive, its performance will be equal to the maximum stock return. If a basket stock’s return is negative, its performance will be the greater of its return and negative 15%. The maximum stock return is expected to be 7.25% to 7.75% and will be set at pricing.
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 Dec. 20.
The Cusip number is 38148RRQ8.
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