Published on 3/29/2016 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $3.06 million trigger phoenix autocallables tied to three indexes
By Marisa Wong
Morgantown, W.Va., March 29 – GS Finance Corp. priced $3.06 million of 0% trigger phoenix autocallable optimization securities due March 29, 2021 linked to the worst performing of the S&P 500 index, the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly coupon at an annualized rate of 12.1% if each index closes at or above the coupon barrier level – 75% of the 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 after six months.
The payout at maturity will be par plus the contingent coupon unless any index closes below the 75% barrier level, in which case investors will be fully exposed to any losses of the worst performing index.
Goldman Sachs & Co. is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Trigger phoenix autocallable optimization securities
|
| Underlying indexes: | S&P 500, Euro Stoxx 50, Russell 2000
|
| Amount: | $3.06 million
|
| Maturity: | March 29, 2021
|
| Coupon: | 12.1% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus contingent coupon, if any, unless any index finishes below barrier level, in which case exposure to decline of worst-performing index
|
| Call: | Automatically at par if each index closes at or above initial level on any quarterly observation date after six months
|
| Initial index levels: | 2,035.94 for S&P 500, 2,986.73 for Euro Stoxx 50 and 1,079.537 for Russell 2000
|
| Barrier levels: | 1,526.955 for S&P 500, 2,240.048 for Euro Stoxx 50 and 809.653 for Russell 2000; 75% of initial levels
|
| Pricing date: | March 24
|
| Settlement date: | March 30
|
| Agent: | Goldman Sachs & Co.
|
| Fees: | 2.8%
|
| Cusip: | 36250E605
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
