Goldman Sachs Bank plans CDs due 2021 linked to S&P 500 index

By Susanna Moon

Chicago, May 8 – Goldman Sachs Bank USA plans to price 0% certificates of deposit due May 27, 2021 linked to the S&P 500 index, according to a term sheet.

The payout at maturity will be par plus the sum of the index returns in each of the 24 quarters making up the life of the CDs, subject to a minimum return at maturity of 6%.

The 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 have a cap of 4% to 5%.

The exact terms will be set at pricing.

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

The CDs will price on May 22 and settle on May 28.

The Cusip number is 38148DAC8.

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