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Goldman Sachs to sell contingent coupon CDs due 2019 tied to 10 stocks
By Marisa Wong
Madison, Wis., Sept. 4 - Goldman Sachs Bank USA plans to price contingent coupon certificates of deposit due 2019 linked to a basket of 10 stocks, according to a term sheet.
The underlying stocks are Apple Inc., Barrick Gold Corp., Bristol-Myers Squibb Co., Duke Energy Corp., Google Inc., McDonald's Corp., PepsiCo, Inc., Southern Co., Target Corp. and Wal-Mart Stores, Inc.
Interest is payable annually in an amount equal to the average of the stock returns, subject to a floor of zero.
If a stock's return is greater than or equal to negative 5%, its performance will be fixed at 6% to 6.5%. Otherwise, its performance will be the greater of the stock return and a minimum stock return of negative 15%. The exact fixed percentage will be set at pricing.
The payout at maturity will be par.
There is a survivor put for the CDs (Cusip: 38143AB79).
Goldman Sachs & Co. is the agent. Incapital LLC is the distributor.
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