Published on 12/27/2018 in the Prospect News Structured Products Daily.
New Issue: Goldman sells $907,000 contingent coupon callables tied to S&P, Russell
By Susanna Moon
Chicago, Dec. 27 – GS Finance Corp. priced $907,000 of callable contingent coupon notes due Nov. 30, 2023 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 annualized rate if each index closes at or above its 60% coupon barrier on the observation date for that quarter. The contingent coupon will be 5.5% annualized for first 12 payment dates and 8% for the next eight dates.
The notes are callable at par on any review date after one year.
The payout at maturity will be par unless either index closes below its 60% trigger level, 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: | Callable contingent coupon notes
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| Underlying indexes: | S&P 500, Russell 2000
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| Amount: | $907,000
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| Maturity: | Nov. 30, 2023
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| Coupon: | 5.5% annualized for first 12 payment dates and 8% for the next eight dates, payable quarterly if each index closes at or above 60% coupon barrier on review date for that quarter
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above 60% trigger level, par; otherwise, 1% loss for each 1% decline of worst performing index
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| Call option: | At par on any quarterly call review date from November 2019 through August 2023
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| Initial levels: | 2,682.17 for S&P, 1,492.855 for Russell
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| Trigger levels: | 60% of initial levels
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| Pricing date: | Nov. 27
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| Settlement date: | Nov. 30
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 4.975%
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| Cusip: | 40056EFE3
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