Published on 4/1/2015 in the Prospect News Structured Products Daily.
New Issue: Goldman Sachs prices $5.54 million trigger phoenix autocallables on Euro Stoxx, S&P
By Toni Weeks
San Luis Obispo, Calif., April 1 – Goldman Sachs Group, Inc. priced $5.54 million of trigger phoenix autocallable optimization securities due March 31, 2025 linked to the lesser performing of the Euro Stoxx 50 index and the S&P 500 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 7.4% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date beginning after one year.
If the notes are not called and each index finishes at or above its 70% coupon barrier level, the payout at maturity will be par plus the contingent coupon.
If either index finishes below the 70% barrier but each index finishes at or above the trigger level, 50% of the initial level, the payout will be par.
Otherwise, investors will be fully exposed to any losses of the worst-performing index.
Goldman Sachs & Co. is the agent.
| Issuer: | Goldman Sachs Group, Inc.
|
| Issue: | Trigger phoenix autocallable optimization securities
|
| Underlying indexes: | Euro Stoxx 50 and S&P 500
|
| Amount: | $5,537,750
|
| Maturity: | March 31, 2025
|
| Coupon: | 7.4%, payable quarterly if each index closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | Par plus contingent coupon, if any, if each index closes at or above trigger level; otherwise, par plus return of least-performing index
|
| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on quarterly observation date beginning March 29, 2016
|
| Initial levels: | 3,679.03 for Euro Stoxx, 2,061.02 for S&P
|
| Coupon barriers: | 2,575.32 for Euro Stoxx, 1,442.71 for S&P, 70% of initial levels
|
| Trigger levels: | 1,839.52 for Euro Stoxx, 1,030.51 for S&P, 50% of initial levels
|
| Pricing date: | March 27
|
| Settlement date: | March 31
|
| Agent: | Goldman Sachs & Co.
|
| Fees: | 3.95%
|
| Cusip: | 38146U447
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