Published on 6/28/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $11.08 million trigger callable contingent yield notes on indexes
By Sarah Lizee
Olympia, Wash., June 28 – GS Finance Corp. priced $11.08 million of trigger callable contingent yield notes due Dec. 30, 2022 linked to the least performing of the S&P 500 index, the Russell 2000 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 the rate of 9.35% per year if each index’s closing level remains at or above its coupon barrier, 70% of its initial level, on each day during that quarter.
The notes are redeemable at par of $10 on any quarterly coupon payment date.
If the notes are not called and each index finishes at or above its 60% downside threshold, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
Goldman Sachs & Co. LLC is the underwriter. UBS Financial Services Inc. is acting as selling agent.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Trigger callable contingent yield notes
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Underlying indexes: | S&P 500, Russell 2000 and Euro Stoxx 50
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Amount: | $11,078,500
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Maturity: | Dec. 30, 2022
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Coupon: | 9.35% per year, payable quarterly if each index closes at or above its coupon barrier on each day during that quarter
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Price: | Par of $10
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Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
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Call option: | At par on any quarterly coupon payment date
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Initial levels: | 3,442.95 for Stoxx, 1,517.775 for Russell 2000 and 2,913.78 for S&P 500
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Coupon barriers: | 2,410.065 for Stoxx, 1,062.443 for Russell 2000 and 2,039.646 for S&P 500, or 70% of initial levels
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Downside thresholds: | 2,065.770 for Stoxx, 910.665 for Russell 2000 and 1,748.268 for S&P 500, or 60% of initial levels
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Trade date: | June 26
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Settlement date: | June 28
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Underwriter: | Goldman Sachs & Co. LLC
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Selling agent: | UBS Financial Services Inc.
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Fees: | 1.5%
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Cusip: | 36257W145
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