Published on 3/13/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $533,000 callable contingent coupon notes on indexes
By Sarah Lizee
Olympia, Wash., March 13 – GS Finance Corp. priced $533,000 of callable contingent coupon notes due March 9, 2023 linked to the Russell 2000 index, the Dow Jones industrial average and the Nasdaq-100 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 7% per annum if each index closes at or above its 75% coupon trigger level on the observation date for that quarter.
The notes will be callable at par on any quarterly call date after one year.
The payout at maturity will be par plus any coupon, unless any index falls by more than 30%, in which case investors will have full exposure to the loss of the least-performing index.
Goldman Sachs & Co. LLC 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, Dow Jones industrial average and Nasdaq-100 index
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Amount: | $533,000
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Maturity: | March 9, 2023
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Contingent coupon: | 7% annualized, payable quarterly if each index closes at or above coupon trigger level on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par plus any coupon, unless any index falls by more than 30%, in which case full exposure to loss of least-performing index
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Call option: | At par plus any contingent coupon on any quarterly call date after one year
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Initial index levels: | 1,531.197 for Russell, 5,367.525 for Nasdaq and 27,090.86 for Dow
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Coupon barriers: | 75% of initial levels
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Downside thresholds: | 70% of initial levels
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Pricing date: | March 4
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Settlement date: | March 9
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Underwriter: | Goldman Sachs & Co. LLC
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Fees: | 3.25%
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Cusip: | 40056YPP3
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