Published on 5/22/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $5.45 million trigger callable contingent yield notes linked to three indexes
By Wendy Van Sickle
Columbus, Ohio, May 22 – GS Finance Corp. priced $5.45 million of trigger callable contingent yield notes due Aug. 18, 2022 linked to the least performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Each quarter, the notes pay a contingent coupon at the rate of 9.1% per year if each index’s closing level remains at or above its coupon barrier, 65% of its initial level, on each day during that quarter.
The notes are redeemable at par of $10 on any quarterly coupon payment date.
If the notes are not called and each index finishes at or above its 60% downside threshold, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
Goldman Sachs & Co. LLC is the underwriter. UBS Financial Services Inc. is acting as selling agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Trigger callable contingent yield notes
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| Underlying indexes: | Euro Stoxx 50, Russell 2000 and S&P 500
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| Amount: | $5.45 million
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| Maturity: | Aug. 18, 2022
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| Coupon: | 9.1% per year, payable quarterly if each index closes at or above its coupon barrier on each day during that quarter
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| Price: | Par of $10
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| Payout at maturity: | If each index finishes at or above 60% downside threshold, par; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
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| Call option: | At par on any quarterly coupon payment date
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| Initial levels: | 2,834.41 for S&P 500, 1,543.058 for Russell 2000 and 3,364.38 for Euro Stoxx 50
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| Coupon barriers: | 1,842.367 for S&P 500, 1,002.998 for Russell 2000 and 2,186.847 for Euro Stoxx 50, or 65% of initial level
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| Downside thresholds: | 1,700.646 for S&P 500, 925.835 for Russell 2000 and 2,018.628 for Euro Stoxx 50, or 60% of initial level
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| Trade date: | May 15
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| Settlement date: | May 20
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| Underwriter: | Goldman Sachs & Co. LLC
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| Selling agent: | UBS Financial Services Inc.
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| Fees: | 1.25%
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| Cusip: | 36257D733
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