Goldman Sachs Bank plans variable-coupon CDs due 2023 on 10 stocks

By Wendy Van Sickle

Columbus, Ohio, June 13 – Goldman Sachs Bank USA plans to price variable-coupon basket-linked certificates of deposit due June 29, 2023 linked to a basket of 10 stocks, according to a term sheet.

The underlying stocks are AbbVie Inc., Altria Group, Inc., Bristol-Myers Squibb Co., Chevron Corp., Eli Lilly and Co., Gilead Sciences, Inc., Schlumberger NV, UnitedHealth Group Inc., Walgreens Boots Alliance, 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 of 5.5%. Otherwise, its performance will be the greater of the stock return and a minimum stock return of negative 15%.

The payout at maturity will be par.

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

The CDs (Cusip: 38148DL28) are expected to price on June 24 and settle on June 29.

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