Published on 10/21/2016 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $1.84 million contingent income autocallables on S&P 500
By Devika Patel
Knoxville, Tenn., Oct. 21– GS Finance Corp, priced $1.84 million of contingent income autocallable securities due Oct. 19, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly coupon at an annualized rate of 6.1% if the index closes at or above its downside threshold, 75% of its initial level, on a determination date for that quarter.
The notes will be called at par of $10 plus the contingent coupon if the index closes at or above its initial level on any quarterly determination date starting on Oct. 15, 2018 and ending on July 14, 2023.
The payout at maturity will be par plus the final contingent coupon, if any, unless the index finishes below the 75% downside threshold, in which case investors will lose 1% for each 1% decline.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Contingent income autocallable securities
|
| Underlying index: | S&P 500
|
| Amount: | $1,835,000
|
| Maturity: | Oct. 19, 2023
|
| Contingent coupon: | 6.1% per year, payable quarterly if index closes at or above its coupon barrier on quarterly determination date
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus the final contingent coupon, if any, unless the index finishes below the downside threshold, in which case 1% loss for each 1% decline
|
| Call: | Automatically at par plus the contingent coupon if the index closes at or above its initial level on any quarterly determination date starting on Oct. 15, 2018 and ending on July 14, 2023
|
| Initial level: | 2,132.98
|
| Downside threshold: | 1,599.735, 75% of initial level
|
| Pricing date: | Oct. 14
|
| Settlement date: | Oct. 19
|
| Agent: | Goldman Sachs & Co.
|
| Fees: | 3.9%
|
| Cusip: | 40054KL61
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
