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Goldman Sachs to price variable coupon CDs linked to 10 stocks
By Angela McDaniels
Tacoma, Wash., April 4 - Goldman Sachs Bank USA plans to price variable coupon certificates of deposit due April 28, 2022 linked to a basket of common stocks, according to a term sheet.
The underlying stocks are Apple Inc., AbbVie Inc., Caterpillar Inc., Cisco Systems, Inc., McDonald's Corp., Merck & Co., Inc., Microsoft Corp., Occidental Petroleum Corp., Walgreen Co. and Wal-Mart Stores, Inc.
Interest is payable annually in an amount equal to the average of the stocks' performances, subject to a minimum coupon of 1.5% per year.
If a stock's return is zero or positive, its performance will be 6.15%. If a stock's return is negative, its performance will be the greater of its return and negative 15%.
The payout at maturity will be par.
Goldman Sachs & Co. is the agent. Incapital LLC is the distributor.
The CDs are expected to price April 25 and settle April 30.
The Cusip number is 38147JXK3.
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