Published on 12/27/2017 in the Prospect News Structured Products Daily.
New Issue: Goldman sells $323,000 contingent coupon autocalls on Russell, S&P 500
By Wendy Van Sickle
Columbus, Ohio, Dec. 27 – GS Finance Corp. priced $323,000 of autocallable contingent coupon notes due June 28, 2019 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 5.5% if each index closes at or above its 70% coupon barrier on the review date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any valuation date beginning June 2018 through March 2019.
The payout at maturity will be par plus the contingent coupon unless either index finishes below its initial level and either index closes below its 70% trigger level any day during the life of the notes, in which case investors will be fully exposed to any losses of the worse performing index.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the agent.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Autocallable contingent coupon notes
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Underlying assets: | Russell 2000 index, S&P 500 index
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Amount: | $323,000
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Maturity: | June 28, 2019
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Coupon: | 5.5% annualized, payable quarterly if each index closes at or above 80% coupon barrier on review date for that quarter
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Price: | Par
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Call: | At par if each index closes at or above its initial level on any valuation date from June 2018 through March 2019
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Payout at maturity: | Par unless either index falls and either index closes below trigger during life of notes, in which case 1% loss for each 1% decline of worse performing index
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Initial index levels: | 2,684.57 for S&P and 1,547.107 for Russell
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Coupon barrier/triggers: | 1,879.199 for S&P and 1,082.9749 for Russell, 70% of initial levels
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Pricing date: | Dec. 21
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Settlement date: | Dec. 27
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 2.3%
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Cusip: | 40055AAR8
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