Published on 2/6/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $1 million callable contingent coupon notes on S&P, Russell, Stoxx
By Wendy Van Sickle
Columbus, Ohio, Feb. 6 – GS Finance Corp. priced $1 million of callable contingent coupon index-linked notes due Feb. 4, 2026 linked to the Euro Stoxx 50 index, the S&P 500 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 monthly coupon at an annualized rate of 8.3% if each index closes at or above its 70% coupon trigger level on the determination date for that period.
The notes may be callable at par plus any contingent coupon due at the issuer’s option on any coupon payment date beginning in May.
The payout will be par if each index finishes at or above 60% of its initial level. Otherwise, investors will lose 1% for every 1% decline of the worse performing index.
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: | Callable contingent coupon index-linked notes
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| Underlying indexes: | S&P 500, Russell 2000, Euro Stoxx 50
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| Amount: | $1 million
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| Maturity: | Feb. 4, 2026
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| Contingent coupon: | 8.3% per year, payable monthly if each index closes at or above coupon trigger level on determination date
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| Price: | Par
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| Payout at maturity: | Par if each index finishes at or above 60% of its initial level; otherwise, 1% loss for every 1% decline of the worse performing index
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| Call: | At par plus any contingent coupon at issuer’s option on any coupon payment date beginning in May
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| Initial index levels: | 3,690.78 for Stoxx, 1,648.219 for Russell, 3,283.66 for S&P
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| Coupon trigger levels: | 70% of initial levels
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| Pricing date: | Jan. 30
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| Settlement date: | Feb. 4
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 0.975%
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| Cusip: | 40056YFA7
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