Published on 8/26/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $5.2 million trigger callable contingent yield notes linked to three indexes
By Kiku Steinfeld
Chicago, Aug. 26 – GS Finance Corp. priced $5.2 million of trigger callable contingent yield notes due Aug. 18, 2022 linked to the least performing of the Euro Stoxx 50 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 8.65% per year if each index closes at or above its coupon barrier, 70% of its initial level, on the determination date for that quarter.
The notes are redeemable in whole but not in part at par of $10 plus any coupon due on any quarterly observation date.
If the notes are not called and each index finishes at or above its downside threshold, 70% of its initial level, the payout at maturity will be par plus any coupon due. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the underwriter. UBS Financial Services Inc. is acting as selling agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Trigger callable contingent yield notes
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| Underlying indexes: | Euro Stoxx 50 index, Russell 2000 index and Dow Jones industrial average
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| Amount: | $5,197,500
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| Maturity: | Aug. 18, 2022
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| Coupon: | 8.65% per year, payable quarterly if each index closes at or above its coupon barrier on determination date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | If each index finishes at or above downside threshold, par plus any coupon due; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
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| Call option: | At par plus any coupon due on any quarterly observation date
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| Initial levels: | 3,288.70 for Euro Stoxx 50, 1,467.522 for Russell and 25,479.42 for Dow
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| Coupon barriers: | 2,302.090 for Euro Stoxx 50, 1,027.265 for Russell and 17,835.594 for Dow, or 70% of initial levels
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| Downside thresholds: | 2,302.090 for Euro Stoxx 50, 1,027.265 for Russell and 17,835.594 for Dow, or 70% of initial levels
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| Trade date: | Aug.14
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| Settlement date: | Aug. 19
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| Underwriter: | Goldman Sachs & Co. LLC
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| Selling agent: | UBS Financial Services Inc.
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| Fees: | 1.675%
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| Cusip: | 36257W657
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