Published on 2/27/2015 in the Prospect News Structured Products Daily.
New Issue: Goldman prices $9.01 million trigger phoenix autocallables tied to Euro Stoxx, Russell
By Jennifer Chiou
New York, Feb. 27 – Goldman Sachs Group, Inc. priced $9,011,100 of trigger phoenix autocallable optimization securities due Feb. 28, 2025 linked to the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.3% if each index closes at or above its coupon barrier level, 70% of its initial level, on an observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date after one year.
If the notes are not called and each index finishes at or above its 50% trigger level, the payout at maturity will be par plus the final coupon, if any.
Otherwise, investors will be exposed to any losses of the worst-performing index.
Goldman Sachs & Co. is the underwriter.
| Issuer: | Goldman Sachs Group, Inc.
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| Issue: | Trigger phoenix autocallable optimization securities
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| Underlying indexes: | Euro Stoxx 50 and Russell 2000
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| Amount: | $9,011,100
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| Maturity: | Feb. 28, 2025
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| Coupon: | 8.3% annualized for each quarter that each index closes at or above coupon barrier level on quarterly observation date
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above trigger level, par plus final coupon, if any; otherwise, full exposure to losses of worst-performing index
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| Call: | At par if each index closes at or above initial level on any quarterly observation date beginning on Feb. 25, 2016
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| Initial levels: | 1,235.101 for Russell and 2,479.246 for Euro Stoxx
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| Coupon barriers: | 864.571 for Russell, 3,541.78 for Euro Stoxx, 70% of initial levels
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| Trigger levels: | 50% of initial levels
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| Pricing date: | Feb. 25
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| Settlement date: | Feb. 27
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| Underwriter: | Goldman Sachs & Co.
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| Fees: | 3.95%
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| Cusip: | 38148L825
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