Goldman Sachs plans variable coupon CDs due 2026 linked to 10 stocks

By Wendy Van Sickle

Columbus, Ohio, Oct. 12 – Goldman Sachs Bank USA plans to price variable coupon certificates of deposit due Oct. 28, 2026 linked to a basket of stocks, according to a term sheet.

The equally weighted basket includes the stocks of AbbVie Inc., Altria Group, Inc., Eli Lilly & Co., Gilead Sciences, Inc., Nike, Inc., Qualcomm Inc., Schlumberger NV, UnitedHealth Group Inc., Walgreens Boots Alliance, 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 5% to 5.5%. 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 distributor.

The CDs will price on Oct. 25 and settle on Oct. 28.

The Cusip number is 38148DNB6.

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