Published on 7/14/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $790,000 callable contingent coupon notes on indexes
By Kiku Steinfeld
Chicago, July 15 – GS Finance Corp. priced $790,000 of callable contingent coupon notes due July 1, 2022 linked to the Nasdaq-100 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 if each index’s closing level is greater than or equal to 70% of its initial level on the observation date for that period. The contingent coupon rate will be 8% per year.
Beginning in January 2020, the notes are callable at par plus any coupon on any coupon payment date.
The payout at maturity will be par plus any coupon due unless any index finishes below its 60% trigger level, in which case investors will be fully exposed to the decline of the least performing index.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Callable contingent coupon notes
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| Underlying indexes: | Nasdaq-100, Russell 2000 and S&P 500
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| Amount: | $790,000
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| Maturity: | July 1, 2022
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| Coupon: | 8% per year, payable each quarter that each index’s closing level is greater than or equal to 70% of initial level on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus any coupon due unless any index finishes below its 60% trigger level, in which case investors will be fully exposed to the decline of the least performing index
|
| Call option: | Beginning in January 2020, at par plus any coupon due on any coupon payment date
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| Initial index levels: | 7,671.075 for Nasdaq, 1,566.572 for Russell and 2,941.76 for S&P
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| Coupon trigger levels: | 70% of initial levels
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| Trigger buffer levels: | 60% of initial levels
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| Pricing date: | June 28
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| Settlement date: | July 3
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 0.725%
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| Cusip: | 40056FNG6
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