Published on 5/21/2018 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $3.4 million trigger callable contingent yield notes on indexes
By Marisa Wong
Morgantown, W.Va., May 21 – GS Finance Corp. priced $3.4 million of trigger callable contingent yield notes due May 20, 2021 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 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 if each index closes at or above its coupon barrier, 70% of its initial level, on each day that quarter. The contingent coupon rate is 9% per year.
After six months, the notes are callable at par of $10 on any coupon payment date.
The payout at maturity will be par, unless any index finishes below 60% of its initial level, in which case investors will be fully exposed to the decline of the least performing index.
UBS Financial Services Inc. and Goldman Sachs & Co. LLC are the agents.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Trigger callable contingent yield notes
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| Underlying indexes: | S&P 500, Russell 2000 and Euro Stoxx 50
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| Amount: | $3.4 million
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| Maturity: | May 20, 2021
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| Coupon: | 9% per year, payable quarterly if each index closes at or above its coupon barrier on each day that quarter
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| Price: | Par of $10
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| Payout at maturity: | Par, unless any index finishes below downside threshold, in which case investors will be fully exposed to decline of the least performing index
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| Call option: | After six months at par on each coupon payment date
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| Initial levels: | 2,720.13 for S&P 500, 1,625.290 for Russell 2000 and 3,592.18 for Euro Stoxx 50
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| Coupon barriers: | 1,904.091 for S&P 500, 1,137.703 for Russell 2000 and 2,514.526 for Euro Stoxx 50; 70% of initial levels
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| Downside thresholds: | 1,632.078 for S&P 500, 975.174 for Russell 2000 and 2,155.308 for Euro Stoxx 50; 60% of initial levels
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| Pricing date: | May 17
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| Settlement date: | May 22
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| Agents: | UBS Financial Services Inc. and Goldman Sachs & Co. LLC
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| Fees: | 1.175%
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| Cusip: | 36254G663
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