Published on 7/16/2018 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $100,000 callable contingent coupon notes on Russell, S&P, Stoxx
By Wendy Van Sickle
Columbus, Ohio, July 16 – GS Finance Corp. priced $100,000 of callable contingent coupon notes due June 29, 2028 linked to 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 are guaranteed by Goldman Sachs Group, Inc.
The notes pay a contingent quarterly coupon at an annual rate if each index closes at or above 75% of its initial level on the observation date. The annual rate will be 9% for the first 20 payment dates and 15.5% for the final 20 payment dates.
The notes are callable at par on any coupon payment date after six months.
If each index finishes at or above 60% of its initial level, the payout at maturity will be par plus the final coupon, if any.
Otherwise, the payout will be par plus the return of the least-performing index with full exposure to losses.
Goldman Sachs & Co. is the underwriter.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Callable contingent coupon notes
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Underlying indexes: | Russell 2000 index, S&P 500 index, Euro Stoxx 50 index
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Amount: | $100,000
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Maturity: | June 29, 2028
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Coupon: | Payable each quarter that each index closes at or above 75% of its initial level on determination date; annualized rate of 9% for first 20 payment dates and 15.5% for final 20 payment dates
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Price: | Par
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Payout at maturity: | Par plus final coupon, if any, if each index finishes at or above 60% of its initial level; otherwise par plus the return of least-performing index with full exposure to losses
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Call option: | At par on any coupon payment date after six months
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Initial levels: | 1,640.454 for Russell, 3,397.13 for Stoxx, 2,699.632 for S&P 500
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Pricing date: | June 27
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Settlement date: | June 29
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Underwriter: | Goldman Sachs & Co.
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Fees: | 4.45%
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Cusip: | 40055QDQ2
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