Published on 7/13/2018 in the Prospect News Structured Products Daily.
New Issue: Goldman sells $396,000 contingent coupon autocallables tied to Stoxx, Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, July 13 – GS Finance Corp. priced $396,000 of autocallable contingent coupon notes due July 5, 2028 linked to the least performing of the Euro Stoxx 50 index, the Russell 2000 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 7.25% 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 review date after one year.
The payout at maturity will be par plus the final coupon, if any, unless any index closes below its 50% trigger level, in which case investors will be fully exposed to any losses of the worst performing index.
The guarantor is Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the agent.
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: | Euro Stoxx 50, Russell 2000, S&P 500
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Amount: | $396,000
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Maturity: | July 5, 2028
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Coupon: | 7.25% annualized, payable quarterly if each index closes at or above 70% coupon barrier on review date for that quarter
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Price: | Par
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Payout at maturity: | If each index finishes at or above 50% trigger level, par plus final coupon, if any; otherwise, 1% loss for each 1% decline of worst performing index
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Call: | At par if each index closes at or above its initial level on any quarterly call review date from June 2019 through March 2023
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Initial levels: | 3,397.13 for Stoxx, 1,640.454 for Russell, 2,699.632 for S&P 500
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Coupon barriers: | 70% of initial levels
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Trigger levels: | 50% of initial levels
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Pricing date: | June 27
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Settlement date: | June 29
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 5.45%
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Cusip: | 40055QDC3
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