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Goldman Sachs to price variable-coupon CDs due 2022 on 10 stocks
By Marisa Wong
Morgantown, W.Va., July 24 – Goldman Sachs Bank USA plans to price variable-coupon basket-linked certificates of deposit due July 28, 2022 linked to a basket of 10 stocks, according to a term sheet.
The underlying stocks are AbbVie Inc., Altria Group, Inc., Apple, Inc., AT&T, Inc., McDonald’s Corp., Medtronic plc, Kraft Heinz Co., UnitedHealth Group Inc., Verizon Communications, Inc. and Wal-Mart Stores, Inc.
Interest is payable annually in an amount equal to the average of the stock performances, subject to a floor of 0.75%.
If a stock’s return is flat or positive, its performance will be fixed at a maximum stock return expected to be 4.5% to 5.25%. 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 the distributor.
The CDs are expected to price July 25.
The Cusip number is 38148DWF7.
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