Published on 8/3/2018 in the Prospect News Structured Products Daily.
New Issue: Goldman sells $1.05 million 7.3% contingent coupon autocalls on Stoxx, Russell, S&P
By Susanna Moon
Chicago, Aug. 3 – GS Finance Corp. priced $1.05 million of autocallable contingent coupon notes due Aug. 3, 2028 linked to the lesser 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 will pay a contingent quarterly coupon at an annual rate of 7.3% 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 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: | S&P 500, Euro Stoxx 50, Russell 2000
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Amount: | $1,049,000
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Maturity: | Aug. 3, 2028
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Coupon: | 7.3% 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; 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 July 2019 through April 2028
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Initial levels: | 1,663.34 for Russell, 2,818.82 for S&P and 3,527.18 for Stoxx
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Coupon barriers: | 1,164.338 for Russell, 1,973.174 for S&P and 2,469.026 for Stoxx. 70% of initial levels
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Trigger levels: | 50% of initial levels
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Pricing date: | July 27
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Settlement date: | July 31
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 6.45%
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Cusip: | 40055QJN3
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