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Goldman Sachs Bank plans contingent coupon CDs due 2020 on stocks
By Jennifer Chiou
New York, Oct. 7 - Goldman Sachs Bank USA plans to price contingent coupon certificates of deposit due 2020 linked to a basket of 10 stocks, according to a term sheet.
The underlying stocks are Apple Inc., Cisco Systems, Inc., Freeport-McMoRan Copper & Gold Inc., Kimberly-Clark Corp., McDonald's Corp., Merck & Co., Inc., Proctor & Gamble Co., Target Corp., Walgreen Co. and Wal-Mart Stores, Inc.
Interest is payable annually in an amount equal to the average of the stock returns, subject to a floor of zero.
If a stock's return is flat or positive, its performance will be fixed at 7.25% to 7.75%. The exact fixed percentage will be set at pricing. 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.
The CDs (Cusip: 38147JMM1) are expected to price on Oct. 28 and settle on Oct. 31.
Goldman Sachs & Co. is the agent. Incapital LLC is the distributor.
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