Published on 4/12/2016 in the Prospect News Structured Products Daily.
New Issue: GS sells $5.37 million trigger autocallable contingent yield notes on Russell, S&P
By Devika Patel
Knoxville, Tenn., April 12 – GS Finance Corp. priced $5.37 million of trigger autocallable contingent yield notes due April 12, 2019 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 6% if each index closes at or above its coupon barrier, 61% 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 beginning Oct. 11.
The payout at maturity will be par unless either index finishes below the downside threshold level, 61% of the initial level, in which case investors will be fully exposed to the losses of the worse-performing index.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Trigger autocallable contingent yield notes
|
| Underlying indexes: | Russell 2000 and S&P 500
|
| Amount: | $5,373,000
|
| Maturity: | April 12, 2019
|
| Coupon: | 6%, payable quarterly if each index closes at or above coupon barrier on observation date
|
| Price: | Par of $10
|
| Payout at maturity: | Par unless either index finishes below trigger level, in which case full exposure to worst-performing index’s loss
|
| Call: | Beginning Oct. 11, 2016, at par plus contingent coupon if each index closes at or above initial level on any quarterly observation date
|
| Initial levels: | 2,047.60 for S&P 500, 1,097.314 for Russell 2000
|
| Coupon/trigger level: | 1,249.036 for S&P 500, 669.362 for Russell 2000, 61% of initial levels
|
| Pricing date: | April 8
|
| Settlement date: | April 13
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 2.175%
|
| Cusip: | 36250E670
|
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