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Goldman plans range accrual CDs linked to six-month Libor, Russell
By Marisa Wong
Morgantown, W.Va., Sept. 14 – Goldman Sachs Bank USA plans to price callable quarterly range accrual certificates of deposit due Sept. 23, 2030 linked to six-month Libor and the Russell 2000 index, according to a term sheet.
Interest will equal the applicable rate multiplied by the proportion of days on which the index closes at or above 75% of its initial level and six-month Libor is between 0% and 6%. Interest will be payable quarterly.
The applicable rate will be 4% for the first 28 quarters, 5% for the next 20 quarters and 6% for the final 12 quarters.
The payout at maturity will be par.
Beginning Sept. 23, 2016, the CDs will be callable at par on any interest payment date.
Goldman Sachs & Co. is the agent. Incapital LLC is distributor.
The CDs are expected to price Sept. 18 and settle Sept. 23.
The Cusip number is 38148DDG6.
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