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Goldman Sachs to price contingent coupon CDs linked to stock basket
By Angela McDaniels
Tacoma, Wash., July 3 - Goldman Sachs Bank USA plans to price contingent coupon certificates of deposit due July 30, 2020 linked to a basket of common stocks, according to a term sheet.
The underlying stocks are Apple Inc., Barrick Gold Corp., Google Inc., Merck & Co., Inc., Mondelez International, Inc., Target Corp., Time Warner Cable Inc., Verizon Communications Inc., 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 floor of zero.
If a stock's return is zero or positive, its performance will be fixed at 6.5% to 7%. The exact fixed percentage will be set at pricing. Otherwise, its performance will be the greater of the stock return and negative 10%.
The payout at maturity will be par.
The CDs are expected to price July 26 and settle July 31.
Goldman Sachs & Co. is the agent. Incapital LLC is the distributor.
The Cusip number is 38147JHR6.
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