Published on 3/19/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $500,000 callable contingent coupon notes on indexes
By Sarah Lizee
Olympia, Wash., March 19 – GS Finance Corp. priced $500,000 of callable contingent coupon notes due March 16, 2028 linked to the S&P 500 index, the Dow Jones industrial average and the Russell 2000 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 of 15.5% per annum if each index closes at or above its 65% coupon trigger level on the observation date for that quarter.
The notes will be callable at par on any quarterly call date after one year.
The payout at maturity will be par plus the final coupon, if any, unless any index finishes below 60% of its initial level, in which case investors will be fully exposed to the decline of the least performing index from its initial level.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Callable contingent coupon notes
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| Underlying indexes: | S&P 500, Dow Jones industrial average, Russell 2000
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| Amount: | $500,000
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| Maturity: | March 16, 2028
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| Contingent coupon: | 15.5% annualized, payable quarterly if each index closes at or above coupon trigger level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus coupon, if any, unless any index finishes below trigger buffer level, in which case full exposure to decline of least performing index
|
| Call option: | At par plus any contingent coupon on any quarterly call date after one year
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| Initial index levels: | 21,200.62 for Dow, 1,122.930 for Russell and 2,480.64 for S&P
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| Coupon trigger levels: | 65% of initial levels
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| Trigger buffer levels: | 60% of initial levels
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| Pricing date: | March 12
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| Settlement date: | March 17
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 0.65%
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| Cusip: | 40056YRK2
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