Goldman Sachs plans to price CDs with averaging feature linked to Dow

By Angela McDaniels

Tacoma, Wash., July 9 – Goldman Sachs Bank USA plans to price 0% equity index-linked certificates of deposit due July 29, 2020 linked to the Dow Jones industrial average, according to a term sheet.

The final index level will be the average of the index’s closing level on each of the quarterly averaging dates, which are expected to be the 24th of each January, April, July and October beginning Oct. 24.

If the index return is positive, the payout at maturity will be par plus the index return. If the index return is zero or negative, the payout will be par.

Goldman Sachs & Co. is the underwriter. Incapital LLC is distributor.

The CDs are expected to price July 24 and settle July 29.

The Cusip number is 38147JR46.

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