Published on 10/11/2018 in the Prospect News Structured Products Daily.
New Issue: Goldman prices $15.28 million 9.2% contingent income callables on S&P, Russell, Stoxx
By Susanna Moon
Chicago, Oct. 11 – GS Finance Corp. priced $15.28 million of contingent income callable securities due March 30, 2022 linked to the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.2% if each index closes at or above its 75% coupon barrier on the observation date for that quarter.
The notes are callable at par on any interest payment date.
The payout at maturity will be par unless any underlying index finishes below its 65% downside threshold, in which case investors will be fully exposed to any losses of the worst 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: | Callable contingent income securities
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| Underlying indexes: | S&P 500 index, Russell 2000 index and Euro Stoxx 50 index
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| Amount: | $15,275,000
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| Maturity: | March 30, 2022
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| Coupon: | 9.2% annualized, payable quarterly if each index closes at or above 75% coupon barrier on review date for that quarter
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| Price: | Par
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| Payout at maturity: | If any index finishes at or above 65% downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index
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| Call option: | At par on any coupon payment date beginning Jan. 2, 2019
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| Initial levels: | 2,915.56 for S&P, 1,708.805 for Russell and 3,419.78 for Stoxx
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| Coupon barriers: | 2,186.67 for S&P, 1,281.60375 for Russell and 2,564.835 for Stoxx, 75% of initial levels
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| Downside thresholds: | 1,895.114 for S&P, 1,110.72325 for Russell and 2,222.857 for Stoxx, 65% of initial levels
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| Pricing date: | Sept. 25
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| Settlement date: | Sept. 28
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 2.75%
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| Cusip: | 40055QZP0 /
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