Published on 8/2/2018 in the Prospect News Structured Products Daily.
New Issue: Goldman prices $1.14 million 6.5% contingent coupon autocalls tied to S&P, Russell
By Susanna Moon
Chicago, Aug. 2 – GS Finance Corp. priced $1.14 million of autocallable contingent coupon notes due Feb. 3, 2020 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 6.5% if each index closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any review date after six months.
The payout at maturity will be par unless either index ever closes by more than 30% during the life of the notes, in which case investors will be fully exposed to any losses of the worse performing index.
The guarantor is 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 indexes: | S&P 500, Russell 2000
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Amount: | $1,138,000
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Maturity: | Feb. 3, 2020
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Coupon: | 6.5% annualized, payable quarterly if each index closes at or above 70% coupon barrier on review date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either index falls by more than 30%, in which case par plus return of worse performing index
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Call: | At par if each index closes at or above its initial level on any quarterly call review date from January 2019 through October 2019
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Initial levels: | 2,837.44 for S&P, 1,695.36 for Russell
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Trigger levels: | 1,986.208 for S&P, 1,186.752 for Russell, 70% of initial levels
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Pricing date: | July 26
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Settlement date: | July 31
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 2.95%
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Cusip: | 40055QJP8
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