Published on 12/4/2018 in the Prospect News Structured Products Daily.
New Issue: Goldman prices $1.22 million 7.4% contingent coupon callables tied to three indexes
By Susanna Moon
Chicago, Dec. 4 – GS Finance Corp. priced $1.22 million of contingent coupon callable notes due Nov. 20, 2023 linked to the worst performing of the Russell 2000 index, the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 7.4% if each underlying index closes at or above its 60% coupon barrier on the determination date for that period.
The notes are callable at par on any determination date after six months.
The payout at maturity will be par unless any underlying index closes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the worst performing index.
The guarantor is Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Contingent coupon callable notes
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| Underlying indexes: | Russell 2000, S&P 500 and Dow Jones industrial average
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| Amount: | $1,216,000
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| Maturity: | Nov. 20, 2023
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| Coupon: | 7.4% annualized, payable semiannually if each index closes at or above 60% coupon barrier on determination date for that period
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| Price: | Par
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| Payout at maturity: | If each index closes at or above knock-in level, par; otherwise, 1% loss for each 1% decline of worst performing index
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| Call option: | At par on any determination date beginning in May 2019
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| Initial levels: | 1,502.506 for Russell, 2,701.58 for S&P and 25,080.50 for Dow
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| Knock-in levels: | 901.5036 for Russell, 1,620.948 for S&P and 15,048.30 for Dow, 60% of initial levels
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| Pricing date: | Nov. 14
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| Settlement date: | Nov. 19
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 1.05%
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| Cusip: | 40056EGN2
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