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Goldman Sachs to price contingent coupon CDs linked to stock basket
By Toni Weeks
San Luis Obispo, Calif., Aug. 1 - Goldman Sachs Bank USA plans to price contingent coupon certificates of deposit due Aug. 28, 2020 linked to a basket of common 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 stocks' performances, subject to a floor of zero.
If a stock's return is zero or positive, its performance will be fixed at 8% to 8.5%. 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.
The CDs are expected to price Aug. 27 and settle Aug. 30.
Goldman Sachs & Co. is the agent. Incapital LLC is the distributor.
The Cusip number is 38147JKE1.
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