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Goldman Sachs to price variable coupon CDs linked to basket of stocks
By Toni Weeks
San Luis Obispo, Calif., May 5 - Goldman Sachs Bank USA plans to price variable coupon certificates of deposit due May 27, 2021 linked to a basket of common stocks, according to a term sheet.
The underlying stocks are Apple Inc., Baxter International Inc., Eli Lilly and Co., Exelon Corp., Hewlett-Packard Co., Merck & Co., Inc., Microsoft Corp., Target Corp., Southern Co. and Verizon Communications Inc.
Interest is payable annually in an amount equal to the average of the stocks' performances, subject to a minimum coupon of 1% per year.
If a stock's return is zero or positive, its performance will be 6.25%. If a stock's return is negative, its performance will be the greater of its return and the minimum stock return, which is expected to be 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 May 23 and settle May 29.
The Cusip number is 38147JZM7.
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