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Goldman Sachs to price variable-coupon CDs due 2024 on 10 stocks
By Marisa Wong
Morgantown, W.Va., April 21 – Goldman Sachs Bank USA plans to price variable-coupon basket-linked certificates of deposit due April 25, 2024 linked to a basket of 10 stocks, according to a term sheet.
The underlying stocks are Altria Group, Inc., Apple, Inc., AT&T, Inc., McDonald’s Corp., Medtronic plc, Merck & Co., Inc., Pfizer, Inc., UnitedHealth Group Inc., Verizon Communications, Inc. and Wal-Mart Stores, Inc.
Interest is payable annually in an amount equal to the average of the stock performances, subject to a floor of 1%.
If a stock’s return is flat or positive, its performance will be fixed at a maximum stock return expected to be 5.25% to 5.75%. The exact fixed percentage will be set at pricing. Otherwise, its performance will be the greater of the stock return and negative 15%.
The payout at maturity will be par.
Goldman Sachs & Co. is the underwriter. Incapital LLC is the distributor.
The CDs are expected to price April 24.
The Cusip number is 38148DU44.
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