Published on 6/25/2015 in the Prospect News Structured Products Daily.
New Issue: Goldman prices $7.25 million autocallable buffered notes on EM fund
By Marisa Wong
Madison, Wis., June 25 – Goldman Sachs Group, Inc. priced $7.25 million of 0% autocallable buffered notes due Jan. 9, 2018 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called if the ETF closes at or above the trigger price, 96% of the initial price, on June 30, 2016, Dec. 30, 2016 or June 30, 2017. The call premium is 8% for the first call observation date, 12% for the second call observation date and 16% for the third call observation date.
If the notes are not called and the final share price is greater than or equal to the trigger price, the payout at maturity will be $1,200 per $1,000 principal amount of notes. If the final share price is less than the trigger price and greater than or equal to 85% of the initial share price, the payout will be par. If the final share price is less than 85% of the initial share price, investors will lose 1.1765% for each 1% that the share price declines beyond 15%.
Goldman Sachs & Co. is the underwriter.
| Issuer: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable buffered notes
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| Underlying fund: | iShares MSCI Emerging Markets ETF
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| Amount: | $7.25 million
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| Maturity: | Jan. 9, 2018
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final share price is greater than or equal to trigger price, $1,200 per $1,000 principal amount; if final share price is less than trigger price and greater than or equal to 85% of initial share price, par; if final share price is less than 85% of the initial share price, 1.1765% loss for each 1% drop beyond 15%
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| Call: | Automatically if ETF closes at or above trigger price on June 30, 2016, Dec. 30, 2016 or June 30, 2017; call premium is 8% for the first call observation date, 12% for the second call observation date and 16% for the third call observation date
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| Initial level: | $41.04
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| Trigger price: | 96% of initial price
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| Pricing date: | June 23
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| Settlement date: | June 29
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| Underwriter: | Goldman Sachs & Co.
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| Fees: | 0.175%
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| Cusip: | 38148T5Z8
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