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Goldman Sachs to price variable-coupon CDs linked to 10 stocks
By Toni Weeks
San Diego, Feb. 29 - Goldman Sachs Bank USA plans to price variable-coupon basket-linked certificates of deposit due 2019 linked to a basket of common stocks, according to a term sheet.
The basket includes Altria Group, Inc., Apple Inc., AT&T Inc., Barrick Gold Corp., Eli Lilly & Co., Freeport-McMoRan Copper & Gold Inc., Intel Corp., Southern Co., Verizon Communications Inc. and Wal-Mart Stores, Inc., equally weighted.
The CDs will pay a coupon each year equal to the average of the basket stocks' performances, subject to a minimum coupon rate of 0.25%.
If a basket stock's return is greater than or equal to negative 5%, its performance will be a fixed payment of 6% to 7%. The exact fixed payment will be set at pricing. If a basket stock's return is less than negative 5%, 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 Cusip number is 38143ALK9.
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