Goldman Sachs to price CDs with quarterly measurement tied to Russell

By Sarah Lizee

Olympia, Wash., Dec. 5 – Goldman Sachs Bank USA plans to price 0% certificates of deposit due Dec. 26, 2023 linked to the Russell 2000 index, according to a term sheet.

The payout at maturity will be par plus the sum of the index’s returns in each of the 20 quarters making up the life of the CDs, subject to a minimum return at maturity of 7.5%.

The index’s return will be measured from the end of the immediately preceding quarter to the end of the current quarter. The return in each quarter can be positive or negative and will be subject to a cap that is expected to be 5% to 5.5% and will be set at pricing.

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

The CDs are expected to price Dec. 20.

The Cusip number is 38148RRT2.

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