Published on 8/3/2015 in the Prospect News Structured Products Daily.
New Issue: Goldman prices $9.31 million trigger phoenix autocallables on Russell, MSCI EAFE
By Susanna Moon
Chicago, Aug. 3 – Goldman Sachs Group, Inc. priced $9.31 million of trigger phoenix autocallable optimization securities due July 31, 2025 linked to the worst performing of the Russell 2000 index and MSCI EAFE index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon an annual rate of 8% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date after one year.
The payout at maturity will be par plus the final contingent coupon unless either index finishes below its 50% trigger level, in which case investors will be fully exposed to any losses of the worse performing index.
Goldman, Sachs & Co. is the agent.
Issuer: | Goldman Sachs Group, Inc.
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Issue: | Trigger phoenix autocallable optimization securities
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Underlying indexes: | Russell 2000 and MSCI EAFE
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Amount: | $9,313,900
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Maturity: | July 31, 2025
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Coupon: | 8% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
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Price: | Par
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Payout at maturity: | If each index finishes at or above trigger level, par plus final contingent coupon; otherwise, full exposure to losses of worse performing index
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Call: | At par if each index closes at or above initial level on any quarterly observation date beginning in July 2016
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Initial levels: | 1,229.599 for Russell and 1,861.95 for MSCI EAFE
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Coupon barriers: | 70% of initial levels
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Trigger levels: | 50% of initial levels
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Pricing date: | July 29
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Settlement date: | July 31
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Agent: | Goldman, Sachs & Co.
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Fees: | 3.95%
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Cusip: | 38148X126
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