Published on 2/7/2018 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $1.11 million autocallable contingent coupon notes on S&P, Stoxx, Russell
By Wendy Van Sickle
Columbus, Ohio, Feb. 7 – GS Finance Corp. priced $1.11 million of autocallable contingent coupon notes due Feb. 7, 2028 linked to the Russell 2000 index, S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Each quarter, the notes pay a contingent coupon at an annual rate of 7% if each index closes at or above 70% of its initial level on the observation date that quarter.
The notes will be called at par if each index finishes above its initial level on any observation date after six months.
If each index finishes positively or declines by up to 50%, the payout at maturity will be par plus the final coupon, if any.
Otherwise, investors will lose 1% for every 1% that the lesser-performing index declines from its initial level.
Goldman Sachs & Co. is the underwriter.
Issuer: | GS Finance Corp.
|
Guarantor: | Goldman Sachs Group, Inc.
|
Issue: | Autocallable contingent coupon notes
|
Underlying indexes: | Russell 2000, S&P 500 and Euro Stoxx 50
|
Amount: | $1.11 million
|
Maturity: | Feb. 7, 2028
|
Coupon: | 7% per year, payable each quarter that each index closes at or above 70% of initial level on observation date that quarter
|
Price: | Par
|
Payout at maturity: | If each index finishes positive or declines by up to 50%, par plus final coupon, if any; otherwise, 1% loss for every 1% that lesser-performing index declines from initial level
|
Call: | At par if each index finishes above initial level on any coupon payment date after one year
|
Initial index levels: | 2,853.53 for S&P, 3,643.04 for Stoxx and 1,598.109 for Russell 2000
|
Coupon triggers: | 2,140.1475 for S&P, 2,732.28 for Stoxx and 1,198.58175 for Russell 2000; 70% of initial levels
|
Pricing date: | Jan. 29
|
Settlement date: | Jan. 31
|
Underwriter: | Goldman Sachs & Co.
|
Fees: | 5.45%
|
Cusip: | 40055ADH7
|
|
© 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.