Published on 1/15/2016 in the Prospect News Structured Products Daily.
New Issue: Goldman prices $5.42 million trigger phoenix callable notes on indexes
By Susanna Moon
Chicago, Jan. 15 – GS Finance Corp. priced $5.42 million of trigger phoenix callable optimization securities due Jan. 16, 2020 tied to the Russell 2000 index, the S&P 500 index and the MSCI EAFE index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.75% if each index closes at or above its barrier level, 60% of its initial level, on the observation date for that quarter.
The notes will be callable at par on any quarterly observation date.
The payout at maturity will be par plus the final contingent coupon unless any index finishes below its barrier level, in which case investors will be fully exposed to any losses of the worst performing index.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. is the agent.
| Issuer: | GS Finance Corp.
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| Issue: | Trigger phoenix callable optimization securities
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| Underlying indexes: | Russell 2000, S&P 500 and MSCI EAFE
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| Amount: | $5,424,000
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| Maturity: | Jan. 16, 2020
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| Coupon: | 9.75% per year, payable quarterly if each index closes at or above barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if each index finishes at or above trigger level; otherwise, full exposure to any losses of worse performing index
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| Call option: | At par on any quarterly observation date
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| Initial levels: | 1,044.697 for Russell, 1,938.68 for S&P, 1,593.45 for MSCI EAFE
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| Barrier levels: | 626.818 for Russell, 1,163.208 for S&P, 956.07 for MSCI EAFE; 60% of initial levels
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| Pricing date: | Jan. 12
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| Settlement date: | Jan. 15
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| Agent: | Goldman Sachs & Co.
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| Fees: | 2.05%
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| Cusip: | 36250E233
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