Published on 10/26/2018 in the Prospect News Structured Products Daily.
New Issue: Goldman sells $535,000 12.35% contingent coupon autocalls on three stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 26 – GS Finance Corp. priced $535,000 of autocallable contingent coupon notes due Oct. 26, 2022 linked to the least performing of the common stocks of United Rentals, Inc., Delta Air Lines, Inc. and Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12.35% if each underlying stock closes at or above its 55% coupon barrier on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any review date after six months.
The payout at maturity will be par unless any stock finishes below its 55% trigger level, in which case investors will be fully exposed to any losses of the worst performing stock.
The guarantor is Goldman Sachs Group, Inc.
Goldman Sachs & Co. 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 stocks: | United Rentals, Inc., Delta Air Lines, Inc. and Apple Inc.
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| Amount: | $535,000
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| Maturity: | Oct. 26, 2022
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| Coupon: | 12.35% annualized, payable quarterly if each stock closes at or above 55% coupon barrier on review date for that period
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above 55% trigger level, par; otherwise, 1% loss for each 1% decline of worst performing stock
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| Call: | At par if each stock closes at or above its initial level on any quarterly call review date after six months
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| Initial levels: | $117.12 for United Rentals, $53.39 for Delta, $219.31 for Apple
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| Pricing date: | Oct. 19
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| Settlement date: | Oct. 26
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| Agent: | Goldman Sachs & Co.
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| Fees: | 2.55%
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| Cusip: | 40056EB80
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