Published on 11/12/2018 in the Prospect News Structured Products Daily.
New Issue: Goldman sells $290,000 10% contingent coupon autocalls on Stoxx, Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Nov. 12 – GS Finance Corp. priced $290,000 of autocallable contingent coupon notes due May 7, 2020 linked to the least performing of the S&P 500 index, the Euro Stoxx 50 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 10% 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 any index ever closes below its 70% trigger level during the life of the notes, 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: | Autocallable contingent coupon notes
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Underlying indexes: | S&P 500, Euro Stoxx 50, Russell 2000
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Amount: | $290,000
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Maturity: | May 7, 2020
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Coupon: | 10% 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: | If each index never closes below its 70% trigger level, par; otherwise, 1% loss for each 1% decline of worst performing index, if any
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Call: | At par if each index closes at or above its initial level on any quarterly call review date beginning in April 2019
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Initial levels: | 2,711.74 for S&P, 1,511.413 for Russell, 3,197.51 for Stoxx
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Coupon barriers: | 1,898.218 for S&P, 1,057.9891 for Russell, 2,238.257 for Stoxx; 70% of initial levels
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Trade date: | Oct. 31
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Settlement date: | Nov. 5
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 1.025%
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Cusip: | 40056E5R5
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