Published on 5/22/2017 in the Prospect News Structured Products Daily.
New Issue: Goldman sells $1.22 million contingent coupon autocallables tied to indexes
By Wendy Van Sickle
Columbus, Ohio, May 22 – GS Finance Corp. priced $1.22 million of autocallable contingent coupon notes due May 26, 2020 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 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% if each index closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any contingent coupon payment date from November 2017 through February 2020.
The payout at maturity will be par plus the contingent coupon unless either any finishes below 70% trigger level, in which case investors will be fully exposed to the decline of the worst performing index.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon notes
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| Underlying indexes: | S&P 500, Russell 2000, Euro Stoxx 50
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| Amount: | $1.22 million
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| Maturity: | May 26, 2020
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| Coupon: | 7% per year, payable quarterly if each index closes at or above coupon barrier on determination date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below trigger level, in which case full exposure to losses of worst performing index
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| Call: | At par if each index closes at or above its initial level on any interest payment date from November 2017 through February 2020
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| Initial levels: | 2,356.72 for S&P 500, 1,361.077 for Russell and 3,562.22 for Stoxx
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| Trigger/coupon barriers: | 1,656.004 for S&P, 952.7539 for Russell, 2,493.554 for Stoxx, 70% of initial levels
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| Pricing date: | May 15
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| Settlement date: | May 23
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| Underwriter: | Goldman, Sachs & Co.
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| Fees: | 2.9%
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| Cusip: | 40054LCU6
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