Published on 3/29/2017 in the Prospect News Structured Products Daily.
New Issue: GS sells $7.85 million callable contingent coupon note on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, March 29 – GS Finance Corp. priced $7.85 million of callable contingent coupon notes due Oct. 1, 2020 linked to the worst performing of the Russell 2000 index, the S&P 500 index and the iShares MSCI EAFE exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Each quarter, the notes pay a contingent coupon at the rate of 8.65% per year if each asset closes at or above its barrier level, 75% of its initial level, every trading day that quarter.
The notes are callable at par of $1,000 on any contingent coupon payment date beginning in September 2017 and ending in June 2020.
The payout at maturity will be par plus final coupon, if any, unless any asset finishes below 50% of its initial level, in which case investors will lose 1% for each 1% decline of the least-performing asset from its initial level.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Callable contingent coupon notes
|
| Underlying assets: | Russell 2000 index, S&P 500 index and iShares MSCI EAFE ETF
|
| Amount: | $7,847,000
|
| Maturity: | Oct. 1, 2020
|
| Coupon: | 8.65% per year, payable quarterly if each asset closes at or above 75% of initial level every trading day that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon, if any, unless any asset declines by more than 50%, in which case 1% loss for each 1% decline of least-performing asset from initial level
|
| Call option: | At par on any interest payment date beginning in September 2017 and ending in June 2020
|
| Initial levels: | 1,354.642 for Russell 2000, 2,343.98 for S&P 500, $62.14 for ETF
|
| Pricing date: | March 24
|
| Settlement date: | March 29
|
| Underwriter: | Goldman, Sachs & Co.
|
| Fees: | 2.5%
|
| Cusip: | 40054LAJ3
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
