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GS Finance eyes trigger autocallable contingent yield note on indexes
By Devika Patel
Knoxville, Tenn., July 24 – GS Finance Corp. plans to price trigger autocallable contingent yield notes due July 29, 2027 linked to the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 9% if each index closes at or above its coupon barrier, expected to fall between 73% and 70.5% of the initial level, on the observation date for that quarter. The exact coupon barrier will be set at pricing.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date beginning July 25, 2018.
The payout at maturity will be par plus the final coupon, unless either index finishes below the downside threshold level, expected to fall between 73% and 70.5% of the initial level, in which case investors will lose 1% for every 1% loss of the worse performing index from its initial level. The exact downside threshold level will be set at pricing.
Goldman Sachs & Co. is the agent.
The notes (Cusip: 36253M489) will price on July 25 and settle on July 28.
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