Published on 10/31/2014 in the Prospect News Structured Products Daily.
New Issue: Goldman prices $1.15 million callable monthly range accrual notes tied to Russell
By Susanna Moon
Chicago, Oct. 31 – Goldman Sachs Group, Inc. priced $1.15 million of callable monthly Russell 2000 index-linked range accrual notes due Oct. 31, 2029, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at a rate for each day that the index closes at or above the 75% coupon barrier level. The coupon will be 8% for the first 108 monthly interest payment dates, stepping up to 10% for the next 36 monthly interest payment dates and to 12% for the final 36 monthly interest payment dates. Interest is payable monthly.
The payout at maturity will be par unless the index finishes below the 50% trigger level, in which case investors will be fully exposed to any losses.
The notes will be callable at par on any interest payment date after one year.
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: | $1,146,000
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| Maturity: | Oct. 31, 2029
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| Coupon: | For each day that index closes at or above coupon barrier level, accrual at 8% for the first 108 monthly interest payment dates, stepping up to 10% for the next 36 monthly interest payment dates and to 12% for the final 36 monthly interest payment dates; payable monthly
|
| Price: | Par
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| Payout at maturity: | Par
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| Call option: | At par on any interest payment date beginning Oct. 31, 2015
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| Initial level: | 1,149.452
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| Coupon barrier: | 862.089, 75% of initial level
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| Trigger level: | 50% of initial level
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| Pricing date: | Oct. 28
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| Settlement date: | Oct. 31
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| Underwriter: | Goldman Sachs & Co.
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| Fees: | 4.55%
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| Cusip: | 38147QK88
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