Published on 1/7/2019 in the Prospect News Structured Products Daily.
New Issue: Goldman prices $4.43 million 6.75% contingent coupon callables tied to S&P, Russell
By Susanna Moon
Chicago, Jan. 7 – GS Finance Corp. priced $4.43 million of callable contingent coupon notes due Dec. 14, 2022 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 semiannual coupon at an annual rate of 6.75% if each index closes at or above its 55% coupon barrier on the observation date for that period.
The notes are callable at par on any review date after six months.
The payout at maturity will be par unless either index closes below its 55% 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: | $4,432,000
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Maturity: | Dec. 14, 2022
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Coupon: | 6.75% annualized, payable semiannually if each index 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 index finishes at or above 55% trigger level, par; otherwise, 1% loss for each 1% decline of worst performing index
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Call option: | At par on any interest payment date from June 2019 through June 2022
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Initial levels: | 1,292.086 for Russell, 2,416.62 for S&P
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Trigger levels: | 55% of initial levels
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Pricing date: | Dec. 21
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Settlement date: | Dec. 31
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 0.25%
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Cusip: | 40056EKY3
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