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Goldman Sachs plans variable coupon CDs due 2023 tied to 10 stocks
By Wendy Van Sickle
Columbus, Ohio, Sept. 13 – Goldman Sachs Bank USA plans to price variable coupon certificates of deposit due Sept. 28, 2023 linked to a basket of stocks, according to a term sheet.
The equally weighted basket includes the stocks of AbbVie Inc., Altria Group, Inc., Eli Lilly & Co., Gilead Sciences, Inc., Nike, Inc., Qualcomm Inc., Schlumberger NV, UnitedHealth Group Inc., Walgreens Boots Alliance, Inc. 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 1%.
If a basket stock’s return is zero or positive, its performance will be equal to the maximum stock return of 5%. 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 will price on Sept. 26 and settle on Sept. 29.
The Cusip number is 38148DN75.
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