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Goldman Sachs to price CDs with quarterly measurement tied to S&P 500
By Wendy Van Sickle
Columbus, Ohio, May 15 – Goldman Sachs Bank USA plans to price 0% certificates of deposit due May 30, 2024 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 28 quarters making up the life of the CDs, subject to a minimum return at maturity of 7%.
The index’s 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 that is expected to be 5.25% to 6% and will be set at pricing.
Goldman Sachs & Co. is the underwriter. Incapital LLC is the distributor.
The CDs are expected to price May 24.
The Cusip number is 38148DUH5.
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