Published on 2/2/2017 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $6.29 million trigger autocallables tied to MSCI EM, MSCI EAFE
By Marisa Wong
Morgantown, W.Va., Feb. 2 – GS Finance Corp. priced $6.29 million of trigger autocallable contingent yield notes due Jan. 30, 2020 linked to the MSCI Emerging Markets index and MSCI EAFE index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
If each index closes at or above its coupon barrier, 70% of its initial level, on a quarterly observation date, the notes will pay a contingent coupon that quarter at an annual rate of 8%.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date beginning in July.
The payout at maturity will be par plus the final coupon unless either index finishes below the 70% downside threshold, in which case investors will lose 1% for each 1% decline of the worse performing index.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | MSCI Emerging Markets, MSCI EAFE
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| Amount: | $6,288,000
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| Maturity: | Jan. 30, 2020
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| Coupon: | 8%, payable each quarter that each index closes at or above coupon barrier on observation date that quarter
|
| Price: | Par of $10
|
| Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly observation date after six months
|
| Payout at maturity: | Par plus final coupon unless either index finishes below downside threshold, in which case 1% loss for each 1% decline of the worse performing index
|
| Initial levels: | 915.92 for EM and 1,741.72 for EAFE
|
| Coupon barrier levels: | 641.14 for EM and 1,219.20 for EAFE, 70% of initial levels
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| Downside thresholds: | 641.14 for EM and 1,219.20 for EAFE, 70% of initial levels
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| Pricing date: | Jan. 27
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| Settlement date: | Jan. 31
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| Underwriter: | Goldman, Sachs & Co.
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| Fees: | 2.175%
|
| Cusip: | 36251U723
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