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Goldman Sachs Bank plans CDs due 2021 linked to S&P 500 index
By Marisa Wong
Madison, Wis., April 9 – Goldman Sachs Bank USA plans to price 0% certificates of deposit due April 29, 2021 linked to the S&P 500 index, according to a term sheet.
The payout at maturity will be par plus the sum of the index’s returns in each of the 24 quarters making up the life of the CDs, subject to a minimum return at maturity of 6%.
The return will be measured from the end of the immediately preceding quarter to the end of the current quarter. The return in each quarter can be positive or negative and will be subject to a cap of 4% to 5%.
The exact terms will be set at pricing.
Goldman Sachs & Co. is the underwriter. Incapital LLC is the distributor.
The CDs will price on April 24 and settle on April 29.
The Cusip number is 38148D6Z2.
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