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Goldman Sachs Bank plans variable-coupon CDs on 10 stocks
By Jennifer Chiou
New York, Jan. 9 – Goldman Sachs Bank USA plans to price variable-coupon basket-linked certificates of deposit due Jan. 28, 2021 linked to a basket of 10 stocks, according to a term sheet.
The underlying stocks are Apple Inc., AT&T Inc., Bristol-Myers Squibb Co., Cisco Systems, Inc., the Coca-Cola Co., McDonald’s Corp., Merck & Co., Inc., Nike, Inc., Proctor & Gamble Co. and Verizon Communications Inc.
Interest is payable annually in an amount equal to the average of the stock returns, subject to a floor of 1%.
If a stock's return is flat or positive, its performance will be fixed at a maximum stock return expected to be 5% to 5.5%. Otherwise, its performance will be the greater of the stock return and a minimum stock return of negative 10%. The exact fixed percentage will be set at pricing.
The payout at maturity will be par.
The CDs (Cusip: 38148D4Q4) will price on Jan. 27 and settle on Jan. 30.
Goldman Sachs & Co. is the agent. Incapital LLC is the distributor.
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