Published on 7/31/2013 in the Prospect News Structured Products Daily.
New Issue: Goldman prices $1.34 million callable monthly range accrual notes on Libor, Russell
By Jennifer Chiou
New York, July 31 - Goldman Sachs Group, Inc. priced $1,339,000 of callable monthly six-month Libor and Russell 2000 index-linked range accrual notes due July 31, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 10% multiplied by the proportion of days on which the index closes at or above 75% of the initial index level and six-month Libor is 6% or less. Interest is payable monthly.
The payout at maturity will be par if the index finishes at or above 50% of the initial level. Otherwise, investors will share fully in losses.
The notes will be callable at par on any interest payment date beginning on July 31, 2014.
Goldman Sachs & Co. is the underwriter.
Issuer: | Goldman Sachs Group, Inc.
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Issue: | Callable monthly range accrual notes
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Underlying index: | Russell 2000
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Amount: | $1,339,000
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Maturity: | July 31, 2028
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Coupon: | 10% multiplied by the proportion of days on which the index closes at or above 75% of the initial index level and six-month Libor is 6% or less; payable monthly
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Price: | Par
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Payout at maturity: | Par if final index level is at least 50% of initial level; otherwise, full exposure to losses from initial index level
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Call option: | At par on any interest payment date beginning on July 31, 2014
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Initial level: | 1,040.66
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Trigger level: | 780.495, 75% of initial level
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Pricing date: | July 29
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Settlement date: | July 31
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Underwriter: | Goldman Sachs & Co.
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Fees: | 4.4%
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Cusip: | 38147QGW0
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