Published on 9/1/2015 in the Prospect News Structured Products Daily.
New Issue: Goldman Sachs prices $2.30 million range accrual notes linked to Russell
New York, Sept. 1 – Goldman Sachs Group, Inc. priced $2.30 million of callable monthly range accrual notes due Aug. 31, 2025 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 7.2% per year multiplied by the proportion of days on which the index closes at or above the barrier level, 70% of the initial index level.
The payout at maturity will be par unless the Russell 2000 finishes below 50% of its initial level in which case investors will be fully exposed to losses in the index.
Beginning Aug. 31, 2016, the notes will be callable by Goldman at par on any monthly interest payment date.
Goldman Sachs & Co. is the underwriter.
| Issuer: | Goldman Sachs Group, Inc.
|
| Issue: | Callable monthly range accrual notes
|
| Underlying index: | Russell 2000 index
|
| Amount: | $2,295,000
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| Maturity: | Aug. 31, 2025
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| Coupon: | 7.2% per year multiplied by proportion of days on which index closes at or above its 70% barrier level
|
| Price: | Par
|
| Payout at maturity: | Par unless Russell 2000 finishes below 50% of its initial level in which case exposure to any losses
|
| Call option: | Beginning Aug. 31, 2016, at par on any monthly interest payment date
|
| Initial index level: | 1,153,608
|
| Barrier level: | 807.5256, 70% of initial level
|
| Pricing date: | Aug. 27
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| Settlement date: | Aug. 31
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 4.95%
|
| Cusip: | 38148TBJ7
|
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