Published on 4/17/2017 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $37.85 million contingent yield notes tied to indexes
By Angela McDaniels
Tacoma, Wash., April 17 – GS Finance Corp. priced $37.85 million of trigger callable contingent yield notes due April 20, 2020 linked to the least performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, 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 an annual rate of 9% if each index closes at or above its coupon barrier, 70% of its initial level, on each day during that quarter.
Beginning Oct. 19, 2017, the notes are callable at par on any coupon payment date.
The payout at maturity will be par unless the final level of any index is less than 55% of its initial level, in which case investors will be fully exposed to the decline of the worst-performing index.
Goldman Sachs & Co. is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Trigger callable contingent yield notes
|
| Underlying indexes: | Euro Stoxx 50, Russell 2000 and S&P 500
|
| Amount: | $37,847,900
|
| Maturity: | April 20, 2020
|
| Coupon: | 9% per year, payable quarterly if each index closes at or above coupon barrier on each day during that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below downside threshold level, in which case full exposure to loss of worst-performing index
|
| Call option: | Beginning Oct. 19, 2017, at par on any coupon payment date
|
| Initial levels: | 2,344.93 for S&P 500, 1,359.199 for Russell 2000 and 3,468.51 for Euro Stoxx 50
|
| Coupon barriers: | 1,641.451 for S&P 500, 951.439 for Russell 2000 and 2,427.957 for Euro Stoxx 50; 70% of initial levels
|
| Downside thresholds: | 1,289.712 for S&P 500, 747.559 for Russell 2000 and 1,907.681 for Euro Stoxx 50; 55% of initial levels
|
| Pricing date: | April 12
|
| Settlement date: | April 20
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 1.25%
|
| Cusip: | 36251V580
|
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