Published on 11/1/2018 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $825,000 autocallable contingent coupon notes on indexes
By Sarah Lizee
Olympia, Wash., Nov. 1 – GS Finance Corp. priced $825,000 of autocallable contingent coupon notes due Nov. 6, 2028 linked to the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly coupon of 9% per annum if each index closes at or above its 75% coupon trigger level on the determination date for that quarter.
After one year, the notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly determination date.
If each index finishes at or above its 60% of its initial level, the payout will be par. If either index falls by more than 40%, investors will be fully exposed to the decline of the worse performing index.
Goldman Sachs & Co. 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
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Amount: | $825,000
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Maturity: | Nov. 6, 2028
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Contingent coupon: | 9% annualized, payable quarterly if each index closes at or above 75% coupon trigger level on the determination date for that quarter
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Price: | Par
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Payout at maturity: | If each index finishes at or above its 60% of its initial level, par; if either index falls by more than 40%, 1% loss per 1% decline of worse performing index
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Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly call observation date after one year
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Initial index levels: | 3,154.93 for Stoxx and 1,477.306 for Russell 2000
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Coupon trigger levels: | 2,366.1975 for Stoxx and 1,107.9795 for Russell 2000; 75% of initial levels
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Pricing date: | Oct. 29
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Settlement date: | Oct. 31
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Agent: | Goldman Sachs & Co.
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Fees: | 4.59%
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Cusip: | 40056E2T4
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