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Goldman Sachs plans variable-coupon CDs due 2023 linked to 10 stocks
By Marisa Wong
Morgantown, W.Va., Dec. 19 – Goldman Sachs Bank USA plans to price variable-coupon basket-linked certificates of deposit due Dec. 29, 2023 linked to a basket of 10 equally weighted stocks, according to a term sheet.
The underlying stocks are Altria Group, Inc., Apple, Inc., AT&T, Inc., Medtronic plc, Pfizer, Inc., Qualcomm Inc., Home Depot, Inc., UnitedHealth Group Inc., Verizon Communications, Inc. and Wal-Mart Stores, Inc.
The CDs will pay a coupon each year equal to the average of the basket stocks’ performances, subject to a minimum coupon rate of 1%.
If a basket stock’s return is zero or positive, its performance will be equal to the maximum stock return, expected to be 4.5% to 5%. If a basket stock’s return is negative, its performance will be the greater of its return and negative 15%.
The payout at maturity will be par plus the final coupon.
Goldman Sachs & Co. is the agent. Incapital LLC is the distributor.
The CDs will price on Dec. 23.
The Cusip number is 38148DQD9.
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