Published on 8/13/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $8.32 million trigger autocallables linked to Euro Stoxx, Russell
By Angela McDaniels
Tacoma, Wash., Aug. 13 – GS Finance Corp. priced $8.32 million of trigger autocallable contingent yield notes due Aug. 13, 2029 linked to the lesser performing of the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 6.35% per year if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
After six months, the notes will be automatically called at par of $10 if each index closes at or above its initial level on any quarterly observation date.
If the notes are not called and each index finishes at or above its downside threshold level, 50% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the lesser-performing index declines from its initial level.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the underwriter. UBS Financial Services Inc. is the selling agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Trigger autocallable contingent yield notes
|
| Underlying indexes: | Euro Stoxx 50 and Russell 2000
|
| Amount: | $8,315,340
|
| Maturity: | Aug. 13, 2029
|
| Coupon: | Each quarter, notes pay contingent coupon at rate of 6.35% per year if each index closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | If notes are not called and each index finishes at or above downside threshold level, par; otherwise, 1% loss for every 1% that lesser-performing index declines from initial level
|
| Call: | After six months, automatically at par if each index closes at or above initial level on any quarterly observation date
|
| Initial levels: | 3,333.74 for Euro Stoxx 50 and 1,513.043 for Russell 2000
|
| Coupon barrier: | 2,333.618 for Euro Stoxx 50 and 1,059.130 for Russell 2000, or 70% of initial levels
|
| Downside thresholds: | 1,666.870 for Euro Stoxx 50 and 756.522 for Russell 2000, or 50% of initial levels
|
| Pricing date: | Aug. 9
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| Settlement date: | Aug. 14
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| Underwriter: | Goldman Sachs & Co. LLC
|
| Selling agent: | UBS Financial Services Inc.
|
| Fees: | 3.9%
|
| Cusip: | 36257W574
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