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Goldman to price CDs with quarterly measurement linked to Russell 2000
By Marisa Wong
Morgantown, W.Va., Sept. 20 – Goldman Sachs Bank USA plans to price 0% certificates of deposit due Sept. 28, 2023 linked to the Russell 2000 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 20 quarters making up the life of the CDs, subject to a minimum return at maturity of at least 7.5%.
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 4.25% to 4.75% and will be set at pricing.
Goldman Sachs & Co. is the underwriter. Incapital LLC is distributor.
The CDs will price Sept. 24.
The Cusip number is 38148RKQ5.
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