Published on 12/2/2015 in the Prospect News Structured Products Daily.
New Issue: Goldman Sachs prices $2.04 million contingent coupon autocallables on S&P 500, Dow
By Marisa Wong
Morgantown, W.Va., Dec. 2 – Goldman Sachs Group, Inc. priced $2.04 million of autocallable contingent coupon notes due Nov. 30, 2021 linked to the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon of 1.7% if each index’s closing level is greater than or equal to 75% of its initial level on the determination date for that quarter.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any determination date after six months.
If the notes have not been called and the return of each index is greater than or equal to negative 25%, the payout maturity will be par plus the contingent coupon. If the return of either index is less than negative 25%, investors will be fully exposed to the decline of the lesser-performing index.
Goldman Sachs & Co. is the underwriter.
| Issuer: | Goldman Sachs Group, Inc.
|
| Issue: | Autocallable contingent coupon notes
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| Underlying indexes: | S&P 500 and Dow Jones industrial average
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| Amount: | $2,041,000
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| Maturity: | Nov. 30, 2021
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| Coupon: | Each quarter, notes pay contingent coupon of 1.7% if each index’s closing level is greater than or equal to 75% of initial level on determination date for that quarter
|
| Price: | Par
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| Payout at maturity: | If notes have not been called and return of each index is greater than or equal to negative 25%, par plus contingent coupon; if return of either index is less than negative 25%, full exposure to decline of lesser-performing index
|
| Call: | Automatically at par plus contingent coupon if each index closes at or above its initial level on any determination date beginning May 2016
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| Initial index levels: | 2,089.17 for S&P 500 and 17,823.81 for Dow
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| Coupon triggers: | 1,566.8775 for S&P 500 and 13,367.8575 for Dow; 75% of initial levels
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| Pricing date: | Nov. 20
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| Settlement date: | Nov. 30
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| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 3.025%
|
| Cusip: | 38148TJJ9
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